SB 156 - This act modifies the law relating to port authorities. This act expands or clarifies the port authority law to provide that one of the purposes of a port authority is to promote development within the port district (Section 68.020). The act allows port authorities to acquire, own, construct, develop, lease, maintain, and conduct land reclamation with respect to unimproved land, residential developments, commercial developments and mixed-use developments. Under current law, port authorities can only own and develop property that is industrial in nature (Section 68.025). Under the current law, port authorities have the power to own and develop certain property for a period of five years in the event private operators are not interested or available. After the five year period, the properties must be submitted to a competitive bidding process. This act modifies this process by interjecting more flexibility for port authorities. The act provides that port authorities may enter into agreements with private operators and public entities for the join development, redevelopment and reclamation of property within the port district.