Creates new provisions for bonds issued by a port authority

HB 3372 requires port authorities to include specific terms in development agreements with the federal government for incentivized projects. It mandates one of three options: immediate buyout payments covering future tax obligations, community benefit payments to local governments for at least five years (plus additional funds to offset lost benefits), or approval resolutions from affected municipalities or counties. These provisions directly affect port authorities, federal project partners, and local governments receiving community benefits. Failure to include these terms creates a legal lien against the property and makes the agreement voidable by the port authority.