AGP Executive Report

Property Taxes & Local Budgets: Florida’s homestead exemption proposal is heading to the November ballot, and city leaders are warning it could slash revenue and force cuts or higher fees—Jacksonville Mayor Donna Deegan says the “fine print” could reduce libraries, parks, public health and other services, while St. Petersburg estimates $38M lost in 2028 and $75M in 2029 and lists programs at risk. Municipal Utilities: St. Petersburg City Council voted to spend up to $590,000 to study whether to leave Duke Energy and run its own electric utility as the Duke franchise nears expiration. Banking & Deals: BHI (Bank Hapoalim) provided $75M financing to Miami-based Origis Energy for renewable projects, and the week also saw major capital-market milestones like Vanguard’s VOO topping $1T in assets. Fraud & Scams: Authorities arrested an Indian national in Florida tied to a gold scam targeting an elderly woman, and a Boca Raton family says a Lyft driver used AI-altered photos to claim damage and charge a fee. Insurance & Claims Process: A new industry focus is emerging on appraisal in property/casualty disputes, with courts and competency standards getting more attention. Hurricane Preparedness: Florida CFO Blaise Ingoglia pushed early storm readiness in Miami-Dade, including insurance and document protection.

Hurricane Readiness: Florida CFO Blaise Ingoglia urged Miami-Dade residents to prep early—review insurance, update contacts, secure documents, and map evacuation plans—before the peak season hits. Property & Housing Legal Fallout: A Hulu docuseries spotlights Florida homeowners blindsided by squatters, including a Jacksonville case tied to a new property rights bill. Insurance & Risk: A Florida gubernatorial candidate, Paul Renner, says eliminating a residential premium tax and adjusting the Hurricane Catastrophe Fund could cut homeowners’ insurance costs by up to 20% if savings reach consumers. Local Public Safety Funding: North Port’s fire chief warned a proposed property tax amendment could slash more than half of police and fire funding, threatening staffing and EMS options. Banking/Investing Deal: Private equity firm Kain Capital is partnering with RadX to expand outpatient imaging centers across six states. Consumer/Business Finance: Home Value Store, a Florida home-improvement chain, filed for Chapter 11 bankruptcy amid creditor claims. Tech & Finance Innovation: Coinbase and Better Home & Finance launched a Fannie Mae-backed mortgage using Bitcoin or USDC as collateral for the down payment, aiming for a summer 2026 rollout. Community Economy: Nassau Prosperity Alliance released its 2025 annual report focused on workforce, infrastructure planning, and business retention.

Florida Property Tax Overhaul Heads to November: DeSantis’ plan to expand the homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028 cleared the Legislature and now needs 60% voter approval—sparking warnings from mayors and counties that major service cuts could follow, with St. Petersburg warning of a potential $78M hit and Orange County projecting about $270M in annual lost revenue. Insurance & Consumer Pressure: Georgia brokers are pushing back after a court ruling that could expand liability when coverage isn’t fully secured, while Florida continues to feel the squeeze from rising insurance costs and hurricane risk. Social Security Funding Alarm: A new analysis says Social Security’s trust fund could run out by 2032, triggering an estimated 24% benefit cut—about $500/month—for retirees in up to 29 states. Florida Finance & Fraud: Orlando’s Goliath Ventures case gets a coordination agreement aimed at reducing litigation costs for victims and creditors in an alleged Ponzi scheme. Local Business & Growth: St. Petersburg broke ground on a hurricane-resilient operations building at the Southwest Water Reclamation Facility, a major infrastructure investment tied to storm readiness.

Florida Property Taxes on the Ballot: Florida lawmakers approved a DeSantis-backed constitutional amendment for the Nov. 3 vote that would cut non-school property taxes by expanding the homestead exemption (with a $250,000 figure tied to the plan) and shifting revenue away from local governments—Baker County estimates losses of about $3.31M in 2027 and $4.79M by 2028. Local Impact Warnings: County leaders across the state are warning the change could force service cuts or layoffs as budgets adjust. Space Florida Funding: Space Florida approved up to $24.2M for Blue Origin’s Project Horizon, aiming to support an 830,000-square-foot manufacturing expansion, about 500 jobs, and roughly $600M in capital investment. AI Safety Lawsuit Backed by Voters: A poll says 65% of Florida voters support AG James Uthmeier’s lawsuit against OpenAI over ChatGPT safety risks, with strong support for restrictions and financial penalties. Insurance & Flood Risk: A new study links wetland loss to higher residential flood insurance claim payments, with coastal Florida flagged among the biggest cost-increase areas. Housing/Jobs Deal in the Panhandle: Washington County approved a tax abatement for Chipley expansion tied to Evolution Welding, projecting 40–60 new jobs and apprenticeship partnerships. SpaceX IPO Scramble: Reports say SpaceX could price its IPO around June 11, with investors looking at private secondary markets as a way to get in before shares trade publicly.

Property Taxes on the Ballot: Florida lawmakers approved Gov. Ron DeSantis’ homestead exemption expansion for a November vote, with Key Biscayne estimating up to a $1.6M revenue hit and local officials warning of cuts to services and possible layoffs. Local Impact: Southwest Florida leaders say special districts like Bonita Springs Fire could lose more than $8M over two years, raising the odds of higher rates or reduced coverage. Flood Insurance Gap: A Moody’s analysis flags big uninsured-loss risk as outdated flood maps and rising exposure widen protection gaps, especially under worse-than-expected flood scenarios. AI Legal Fight: Florida AG James Uthmeier sued OpenAI and Sam Altman over alleged ChatGPT safety failures involving children and violent harm. Insurance & Deals: DB Insurance completed its $1.65B all-cash Fortegra acquisition, expanding its U.S. footprint from Jacksonville. Markets/IPO Buzz: Coverage highlights investor scramble ahead of SpaceX’s reported mega-IPO and the broader “giga-IPO” pressure on stock indexes. Florida Business Moves: RideNow opened a new Gainesville superstore, expanding inventory and showroom capacity.

Securities Fraud: Federal jury convicts Citron Research founder Andrew Left in a $21M stock manipulation scheme, with prosecutors saying he used his public TV profile to steer investor sentiment before profiting. National Intelligence: President Trump appoints Florida housing regulator Bill Pulte as acting director of national intelligence, keeping his FHFA role and raising fresh questions about the intelligence leadership transition. AI & Consumer Protection: Florida AG sues OpenAI and Sam Altman over alleged ChatGPT safety lapses for children, arguing the company failed to disclose risks and limitations. Florida Property Taxes: Lawmakers tweak DeSantis’ property tax cut plan to protect school district levies, but local officials warn of budget strain for services like public safety. Local Finance & Real Estate: CS Ventures secures a $22M Ocean Bank acquisition loan for Palm Beach properties after a redevelopment plan was scrapped. Banking/Capital Markets: Verizon details pricing terms for multiple tender offers and consent solicitations tied to its debt notes. Insurance & Risk: Greenacres leaders warn a proposed homestead exemption expansion could cut city revenue and force difficult service decisions. Hurricane/Coastal Safety: Health officials warn of rising Vibrio vulnificus infections as coastal waters warm, including reported cases in Florida.

AI Safety Clash: Florida sued OpenAI and Sam Altman, alleging ChatGPT was marketed as safe for children while internal warnings were suppressed, setting up a major state-vs-big-tech fight. Banking & Markets: Bank stocks are rising on the AI boom, but analysts warn private credit and shadow banking risks are building under the surface if liquidity tightens. Florida Property Taxes: DeSantis’ property tax overhaul moved through legislative steps, with lawmakers carving out school funding concerns while local officials warn of major revenue hits and possible cost shifts to renters. Hurricane Finance & Coverage: As the 2026 season begins, South Florida flood insurance timing and waiting periods are a key risk for households, with experts urging earlier coverage. Local Governance: Sebastian annexed nearly 600 acres via Cresswind and Sebastian Pines decisions, expanding the tax base while residents question growth pace. Political Watch: Maitland Mayor John Lowndes filed for Senate District 10, aiming to unseat GOP Sen. Jason Brodeur.

Hurricane & Insurance Watch: Florida’s hurricane season kicks off today with forecasts calling for up to 14 named storms, but forecasters stress it only takes one hit—while insurers and reinsurers keep adjusting capacity and pricing. Catastrophe Risk Financing: Mangrove Property Insurance Company launched its first catastrophe bond, Buttonwood Re Ltd. 2026-1, securing $111M in fully collateralized reinsurance for Florida named-storm risk. AI Consumer Safety: Florida AG James Uthmeier filed the state’s first civil lawsuit against OpenAI and Sam Altman, alleging deceptive marketing of ChatGPT and linking it to a deadly 2025 Florida State University shooting. Crypto Payments & Sports Betting: Paysafe research says 83% of U.S. bettors want to use crypto to fund wagers where allowed, with Florida among states where deposits aren’t yet permitted. Housing & Investor Demand: Redfin reports investor home purchases fell 6% year-over-year in Q1 2026 to the lowest since 2020, as returns shrink and insurance costs weigh on rentals. Property Tax Politics: The National Tax Lien Association warns that proposals to cut or eliminate homestead property taxes could leave local governments short on funding for core services. Local Finance & Courts: Florida Supreme Court disciplined 13 attorneys, including disbarring two and revoking one license; separately, GEICO filed a federal fraud suit targeting Florida health clinics over alleged improper PIP charges.

Home Insurance Payouts Under Pressure: A Wall Street Journal analysis says Florida’s big home insurers (Allstate, State Farm, Liberty Mutual, USAA, Farmers) paid on only about 44% of claims resolved in 2025—down from roughly 36% a decade ago—driven by higher deductibles and shifting deductible rules as insurers try to catch up after costly catastrophe years. Property Tax Relief Debate: Gov. Ron DeSantis pushed a major homeowner property tax cut on TV, arguing Florida’s low-tax model and spending reductions can keep taxes down while raising the homestead exemption to wipe out property taxes for many owners. Florida Prepaid College Savings: Florida Prepaid opened year-round enrollment for college plans and is tying in a $529 scholarship for eligible newborns. Fraud Case in Florida: A North Lauderdale woman pleaded guilty to federal conspiracy tied to a bank fraud scheme that used altered checks to drain more than $205,000 from a Western New York company. Nursing Home Watch (CMS): CMS data highlighted Solaris Healthcare Windermere in Orange County earning a 5-star overall rating in early 2026, while River City Nursing and Rehab Center in Duval County also posted a 5-star overall rating with no fines or penalties in the first quarter. Hurricane Readiness: With 2026 hurricane season underway, Florida utilities and local guidance emphasized emergency planning, backup power, and keeping supplies ready.

Florida Insurance Pressure: A new retiree reality check shows coastal homeowners facing property insurance premiums jumping from about $4,200 to $14,200 since 2020, turning a “safe” withdrawal plan into a budget crisis and highlighting how storm losses and insurer retrenchment are reshaping retirement math. Cybercrime & Recovery: Florida’s Cyber Fraud Enforcement Unit says it recovered about $229,096 in stolen crypto after scams used fake investment apps, tech-support tricks, and romance lures. Local Incentives for Downtown Dining: Jacksonville’s Downtown Investment Authority is stepping up financial support for restaurants via its FAB-REP program, including a $590,000 package (with a $200,000 forgivable loan) for a new listening-den concept—signaling more public money behind downtown food-and-beverage growth. State Budget & Tax Debate: Florida lawmakers approved a $114.5B budget alongside tax-cut moves, while property-tax relief proposals are still driving major local cost questions. Hurricane Season Watch: Coverage flags that 2026 forecasting is improving but could be strained by federal funding cuts, keeping Florida’s prep mindset front and center.

Property Taxes & Local Budgets: Gov. Ron DeSantis’ push to slash property taxes could cost Jacksonville more than $300M a year, according to the city auditor, raising alarms about funding for core services. Hurricane Readiness: Florida emergency officials are urging residents to know evacuation zones, fill gas early, and act before storms—while NOAA forecasts a below-average 2026 season. Florida Insurance & Housing Costs: Coverage remains a pressure point as homeowners weigh underinsurance and rising rebuild costs, with market watchers cautiously optimistic heading into hurricane season. Data Centers & Power Costs: New Florida rules require large data centers to pay for their own energy demands, a move aimed at keeping residential ratepayers from subsidizing AI-driven load growth. Crypto & Campaign Finance: Florida’s 22nd District GOP candidate Michael Carbonara liquidated 10 Bitcoin for $800K to fund his run, leaning into pro-crypto messaging. Space & Florida Economy: Blue Origin’s New Glenn rocket explosion damaged its Florida launch infrastructure, threatening months of delays and adding risk for satellite launch schedules. Palm Beach Real Estate: A company tied to Robert F. Smith sold a renovated Palm Beach home for $29.25M.

Florida Insurance Watch: AM Best says Florida’s personal property market is stabilizing after reforms, with nearly $1B in underwriting gains and expectations that rates could ease. Health Coverage Access: BayCare and UnitedHealthcare reached a new multi-year in-network agreement after a May 31 deadline, aiming to prevent disruption for patients across West Central Florida. State Budget & HIV Care: Florida lawmakers restored $75M for the AIDS Drug Assistance Program through 2027, reversing parts of earlier eligibility and coverage cuts and adding oversight. Housing Development: Tampa’s Rome Yards project hit a major milestone with the final structural beam on a 234-unit affordable/workforce tower, targeting completion this December. Homebuying Signals: Bankrate ranks SW Florida among the nation’s best buyer markets, with Cape Coral–Fort Myers placing No. 2. Cyber & Fraud Risk: A Florida money-mule arrest highlights how bank-impersonation fraud schemes move cash, while a separate report flags rising cargo theft tied to identity fraud and cybercrime. FDA/Diabetes: FDA approved Afrezza inhaled mealtime insulin for children and adolescents aged 6+ with diabetes, expanding needle-free options. Space & Markets: Blue Origin’s New Glenn explosion at Cape Canaveral rattled space stocks and raised questions for commercial launch timelines.

Medicaid Access Expands: Oasis Recovery Center in Fort Myers says it now accepts Medicaid, adding coverage for detox, residential treatment, partial hospitalization, and intensive outpatient/dual diagnosis care—aimed at widening substance-use treatment access across Florida. Housing Distress Signals: Foreclosure inventory rose in 1Q to a six-year high, with delinquency creeping up as more loans move into later stages—an early warning for Florida’s mortgage stress. Insurance Market Update: Guy Carpenter reports Florida’s June reinsurance renewals are improving, citing stronger surplus, less litigation, and better pricing/terms after 2022 tort reforms. Disaster Funding: FEMA approved $1.56B in federal disaster relief for Florida recovery projects, arriving as hurricane season nears. Healthcare & Pharma: FDA approved Afrezza inhaled mealtime insulin for pediatric patients (age 6+), while Lee Health agreed to acquire Florida Heart Associates and its ambulatory surgery center in Fort Myers/Cape Coral. Space & Markets: Blue Origin’s New Glenn explosion at Cape Canaveral rattled space stocks, adding volatility for investors watching the next launch cycle. Real Estate Legal Pressure: One Sotheby’s International Realty sued a JDS affiliate tied to the Dolce & Gabbana Brickell tower, seeking unpaid commissions and fees.

Space Coast Investment: Gov. Ron DeSantis announced a $600M Blue Origin Rocket Park expansion at Cape Canaveral, targeting an 830,000-square-foot upper-stage manufacturing facility and 500 aerospace jobs, as Florida leans further into advanced manufacturing. Hurricane Readiness: Florida’s 2026 Atlantic hurricane season kicks off June 1; NOAA forecasts a below-normal season but warns any storm can still hit hard, so residents should prepare now. Property Tax Push: DeSantis called for a special session to eliminate property taxes on homeowners’ permanent residences, with a phase-in plan and a constitutional change that would go to voters in November. Insurance & Risk: Florida property insurance experts report cautious stabilization ahead of storm season, though affordability and major-storm risk remain top concerns. Medicaid Spending Watch: New federal data shows Daytona Beach Medicaid providers billed $6.48M in 2024, while West Palm Beach billed $28.34M for temporary national codes (non-medicare), highlighting where public health dollars are flowing. Local Business Support: Palm Beach’s Preservation Foundation launched a Community Business Preservation Program to help locally owned firms facing rising rents and seasonal slowdowns. Capital Markets: Fora Financial priced a $130M securitization backed by small-business loans and receivables, while Generation Income Properties priced a $5.0M public offering tied to shares and warrants.

Florida Education Savings: Florida Prepaid opened year-round enrollment for its 529-style prepaid plans, ending the long enrollment window and offering a $529 scholarship for babies born on May 29, aiming to help families start saving sooner. Mortgage & Housing Costs: Mortgage rates climbed again, with the 30-year fixed average rising to a nine-month high, a reminder that affordability pressure is still tied to higher Treasury yields. Insurance Shock for Retirees: A new report highlights how coastal Florida homeowners are seeing insurance premiums jump dramatically—turning insurance into a “second mortgage” even after paying off homes. Property Tax Relief Push: DeSantis renewed calls for major property tax cuts and a special session to advance changes, keeping the state’s biggest household cost front and center. Coastal Economy & Environment: Dr. Beach excluded Bill Baggs Cape Florida State Park from its Top 10 list due to excessive sargassum, with scientists warning of major economic impacts from seaweed-driven beach disruptions. Market/Consumer Finance: PSA paused several popular card-grading tiers after a surge in submissions and a backlog near 10 million cards, while Chipotle tested a limited-time happy hour taco deal in Orlando and Tampa. Local Growth & Real Estate: Kolter Homes opened a boutique Stuart community and added optional fifth-bedroom layouts in select Palm Beach County plans, reflecting demand for flexible, multigenerational home designs.

Property Tax Overhaul: Gov. Ron DeSantis is calling lawmakers back for a special session to consider a constitutional amendment that would boost Florida’s homestead exemption from $50,000 to $250,000 immediately, with a path to eventually eliminate property taxes for many homeowners—estimated to wipe out bills for about 60% of homesteads at first, and up to 92% if it reaches $500,000. Local Budget Shock: The proposal is already raising alarms in cities like Bartow, where officials say cutting or removing property taxes could cost more than $3.1 million in general revenue, forcing projects like a year-round aquatic center to pause. Insurance & Housing Pressure: A new Florida housing and infrastructure budget could reshape parts of Brevard County real estate by funding affordable housing, down-payment help, flood mitigation, and coastal resiliency—aimed at easing affordability and insurance-related constraints. Capital Markets (Florida-linked): Sidus Space priced a roughly $100 million registered direct offering of about 19.7 million shares at $5.08 each, citing working capital and general corporate needs. Insurance Market Watch: Florida’s property insurance market is still under scrutiny heading into hurricane season, with experts cautiously optimistic as new insurers enter and rates show signs of stabilizing. E-bike Safety Rule: Florida lawmakers advanced an e-bike bill that would cap speeds at 10 mph near pedestrians, require yielding on shared paths, and add an enforcement-focused task force—potentially reducing injury and claim risk. Food Inflation: Another inflation wave is building for groceries, with analysts pointing to weather disruptions, tariffs, and broader geopolitical risks that could keep prices elevated into 2027.