The bill establishes the Florida Master P3 Infrastructure Authority within the Department of Environmental Protection, aimed at overseeing projects that address flooding and sea level rise in both coastal and inland communities. The authority's goals include managing eligible projects, creating a unified statewide approach for funding and development, and ensuring collaboration between state agencies, local governments, and private sector partners. The authority will consist of six members, including representatives from various state departments and experts in relevant fields, who will serve without compensation but will be reimbursed for necessary expenses. The authority is also tasked with appointing an executive director, establishing procedural rules, and meeting at least semiannually.

Additionally, the bill mandates that all projects included in the Statewide Flooding Sea Level Rise Resilience Plan must have a five-year implementation timeline to ensure timely completion. The authority will engage with local communities during project planning, partner with vocational schools for workforce training, and publish biannual progress reports. It will also have the power to acquire at-risk properties, induce private sector investments through various incentives, and implement penalties for noncompliance or mismanagement of resources. The act is set to take effect upon becoming law.