DeSantis proposes $1 billion fund to help local governments adapt to climate change
Published: JANUARY 28, 2021
Link to Article: https://amp-miamiherald-com.cdn.ampproject.org/c/s/amp.miamiherald.com/news/local/environment/article248835424.html
TALLAHASSEE
Faced with mounting evidence that sea level rise and intensifying storms will cost Florida governments billions into the future, Gov. Ron DeSantis on Thursday announced a $1 billion investment over four years to allow local governments to build new infrastructure to address the impacts.
If the Legislature approves the new program, “Resilient Florida” will use revenues from the state documentary stamp tax to pay for the debt service on $1 billion in bonds for projects that address the impacts of climate change.
“The purpose of this is to tackle the challenges posed by flooding, intensifying storm events and sea level rise,” DeSantis said at a news conference to announce his proposal for a record $96.6 billion state budget.
“We believe that this makes a lot of economic sense,’’ he said. He added that the goal is “trying to get ahead” of rising property insurance costs by allowing local governments to finance projects.
The proposal says that projects could range from preserving land to building sea walls to address the impact of sea level rise on dozens of government structures and services. The list includes everything from wastewater treatment, water supply, stormwater management, emergency response centers, transportation infrastructure, healthcare, military bases, public housing and public education facilities.
The Department of Environmental Protection will manage the program, but DeSantis wants to create a non-profit private entity, called the Resiliency Florida Financing Corp., to handle the financing. DEP would distribute $165.7 million in grants in the first year and spend $1.7 million to fund 15 positions at DEP.
Another $12.1 million would be used to provide grants to coastal counties, coastal municipalities and inland counties that have not completed vulnerability assessments related to the threat of sea level rise.
Priority will be given to local governments that get matching funds from local or federal sources, the governor’s staff said.