Substantively identical to S 76, filed 2/7/23.

Enacts GS 160A-311.1, authorizing cities to take the following actions within its stormwater management program: (1) purchase property for the purpose of demolishing flood-prone buildings; and (2) implement flood damage reduction techniques that result in improvements to private property, including elevating structures or their associated components and demolishing or retrofitting flood-prone structures. States legislative findings regarding stormwater management programs, and limits the scope of the statute to cities with a population of 200,000 or more.

Requires a city council to approve a policy document governing implementation of the authorized flood damage reduction techniques which improve private property. Details five requirements of a city's policy document, including requiring prior consent of the property owner, requiring a determination that improving the stormwater system is not practically feasible or cost-effective, stating the minimum financial contribution a private property owner must make, and requiring reimbursement by the property owner of city funds if the property is sold within five years of project completion. Requires an existing stormwater advisory committee to review and approve such projects, and submit an annual report to the city council for its review.