Bill Foster addressing Florida Cabinet about flood insurance crisis’ impact on St. Pete


St. Petersburg mayor Bill Foster will address Gov. Rick Scott and the Cabinet today about potential economic impacts of flood insurance rate hikes in St. Petersburg.

More than 15,000 St. Petersburg homes may see rate increases to their flood insurance policies due to reforms from the Biggert-Waters Act of 2012, which are set to take effect on Oct. 1.

City leaders have joined state lawmakers in raising concerns about the economic impact on homeowners and the local real estate industry. Pinellas County is projected to be hard hit by the number of properties affected.

“We have weathered the economic storm well, and are seeing a resurgence in St. Pete’s economy,” Foster said in a written statement Tuesday. “The implementation of Biggert-Waters, as proposed, will be a major set-back in our forward progress.”

Foster is organizing a task force that includes city, county and state officials involved in housing, public works and economic development.