HOUSE OF REPRESENTATIVES             H.R. NO.              
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                     HOUSE  RESOLUTION

RELATING TO THE ALOHA STADIUM AUTHORITY. 


 1       WHEREAS, flea market revenues are crucial to maintaining
 2   Aloha Stadium; and
 3   
 4       WHEREAS, by 1998, the State collected over $40 million
 5   dollars over the span of twenty years from flea market
 6   operations, representing the cost of the construction of Aloha
 7   Stadium; and
 8   
 9       WHEREAS, the Stadium Authority felt confident that the
10   authority could make more money by putting the swap meet
11   operations out for bid; and
12   
13       WHEREAS, the winning bid was submitted by Consolidated
14   Amusement Co.; and
15   
16       WHEREAS, Consolidated Amusement Co.'s bid called for the
17   State to pay Consolidated a minimum of $15,000 a month or 12
18   percent of the gross annual receipts generated by the flea
19   market, whichever was greater; and
20   
21       WHEREAS, given the State's estimate of making $4 million a
22   year on the flea market, it would have to pay Consolidated
23   $480,000, allowing the State to net close to $3.5 million; and
24   
25       WHEREAS, recently, figures have been floated in the media
26   speculating the net to the State will be over $4 million; and
27   
28       WHEREAS, the Legislature needs timely and factual financial
29   information on the profitability and margins of the flea market
30   operation; now, therefore,
31   
32       BE IT RESOLVED by the House of Representatives of the
33   Twentieth Legislature of the State of Hawaii, Regular Session
34   of 2000, that this body requests the Legislative Auditor to
35   examine the operations of the Stadium Authority.  

 
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 1   
 2       BE IT FURTHER RESOLVED, that the examination should also
 3   address the implications of the new contract on the income of
 4   the Stadium Authority and the Stadium Authority's current
 5   budget request for additional general funds.
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 9                         OFFERED BY:  ____________________________