STAND. COM. REP. NO.501

Honolulu, Hawaii

, 2001

RE: S.B. No. 1405

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Economic Development and Technology, to which was referred S.B. No. 1405 entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR HI-TECH HAWAII, INC.,"

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist Hi-Tech Hawaii, Inc. in planning, designing, and constructing a high technology research and development facility in the State.

Your Committee received testimony in favor of this measure from Hi-Tech Hawaii, Inc. and Department of Hawaiian Home Lands. Your Committee received comments on this measure from the Department of Budget and Finance.

Your Committee finds that the proposed facility would be developed by the private sector and no public funds will be expended for the construction and/or operation of the facility. Hi-Tech Hawaii, Inc. is presently engaged in the planning and design of a 275,000 square foot high technology research and development facility to be sited on commercially designated Department of Hawaiian Home Lands property. Among other considerations, state-of-the-art communications capabilities, round-the-clock operations security, and community access meeting space will also be provided.

Your Committee has amended this measure by better defining the Hi-Tech Hawai'i, Inc.'s activities, including being engaged in the acquisition and development of facilities to assist the high technology industry.

As affirmed by the record of votes of the members of your Committee on Economic Development and Technology that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1405, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1405, S.D. 1, and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Economic Development and Technology,

____________________________

ROD TAM, Chair