STAND. COM. REP. 3272

Honolulu, Hawaii

, 2004

RE: H.B. No. 2739

H.D. 1

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2739, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS BY THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to finance the construction of wet lab space and a biotechnology incubator.

Your Committee finds that Hawaii's high technology industry is lacking research space, particularly a wet lab and a biotechnology incubator. Research space is needed to facilitate the development of the new bioscience research park at Kakaako. A wet lab and biotech incubator is not an aquarium or any type of facility or structure that is remotely similar to tourism related endeavors. Rather, they are technological facilities that will assist small local companies by allowing them to nurture and improve their technological discoveries. The new facilities will also attract new biotechnology firms and research opportunities to the State and ultimately allow Hawaii to become more competitive in the global biotechnology industry.

Your Committee has amended the bill by:

(1) Identifying Townsend Capital, LLC, as the prospective recipient of the special purpose revenue bond proceeds; and

(2) Making technical changes for purposes of clarity and style and to comport with the requirements of special purpose revenue bond legislation.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2739, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2739, H.D. 1, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair