Port authorities would include payments or local approvals in agreements

A port authority must include specified payments or local approval resolutions in a covered federal development agreement. This applies to agreements between a port authority and the federal government for incentivized development under section 68.040. The payment option requires an immediate buyout equal to the discounted present value of project payments in lieu of taxes, plus community benefit payments during the incentive term. Community benefit payments must be at least five years of the current payment rate, plus any additional amount the port authority decides is needed to offset lost benefits from existing projects. Instead of these payments, the agreement may include approval resolutions from the governing body of each political subdivision with land inside the port authority. If the required provisions are missing, a statutory lien applies to the property, and the port authority may void the conveyance. The required terms apply when the covered agreement is made. Community benefit payments must continue for the incentive term.