STAND. COM. REP. NO. 946-06

Honolulu, Hawaii

, 2006

RE: H.B. No. 2555

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2555, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII COMMUNITY DEVELOPMENT AUTHORITY,"

begs leave to report as follows:

The purpose of this bill is to clarify the manner in which development is to proceed within the Kakaako Community Development District in Honolulu by:

(1) Authorizing the Hawaii Community Development Authority (HCDA) to issue revenue bonds to implement the approved plans in a portion of Kakaako Makai; provided that the bonds shall only be issued if income from the project is insufficient to cover the project cost;

(2) Prohibiting the sale of the fee interest in public lands within the district.

Friends of Kewalo Basin Park, Life of the Land, and numerous concerned individuals testified in support of this bill. Several concerned individuals supported this measure with amendments. HCDA offered comments.

 

Your Committee has amended this bill by:

(1) Prohibiting the use of revenue bond proceeds on any development in Kakaako Makai that includes a residential project; and

(2) Making technical, nonsubstantive amendments for consistency, clarity, and style.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2555, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2555, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT TAKAMINE, Chair