Report Title:

Economic Development

Description:

Authorizes the issuance of general obligation bonds and makes an appropriation for the construction of wet lab space and a biotech incubator at Kakaako. (SD1)

THE SENATE

S.B. NO.

2495

TWENTY-SECOND LEGISLATURE, 2004

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO ECONOMIC DEVELOPMENT.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Biotechnology related research and development represents one of the fastest growing industries in the world and has made significant advancements in medical treatment and technology in the past number of years. In addition to its contributions to the field of medicine, biotechnology-related research and development generates billions of dollars in revenue annually.

Hawaii has taken meaningful steps in becoming an important location for biotechnology related research and development. With the construction of the University of Hawaii medical school at Kakaako near completion, Hawaii is poised to become one of the leaders in this field. In order to attract new biotechnology companies to Hawaii as well as provide crucial infrastructure to existing biotechnology companies in Hawaii, additional wet lab space and a biotech incubator need to be created. The construction of wet lab space and a biotech incubator will not only alleviate the growing demand for wet lab space by Hawaii biotechnology companies in their research, but the availability of additional wet lab space will attract additional biotechnology companies and biotechnology-related research to Hawaii. This influx of new research and additional biotechnology companies will not only diversify Hawaii's economy, but also lead to substantial economic growth.

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $100,000,000, or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal year 2004-2005 for the purpose of constructing wet lab space and high technology related facilities such as biotech incubator at Kakaako for biotechnology-related research.

SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2006, shall lapse as of that date.

SECTION 4. The sum appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

SECTION 5. This Act shall take effect on July 1, 2004.