Report Title:

Marketing High Tech Industries; Public-Private Partnership

Description:

Creates public-private partnership to market and promote incentives provided by Act 221, SLH 2001, to invest in high technology businesses and opportunities in Hawaii.

THE SENATE

S.B. NO.

519

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

making a matching funds appropriation to support a public-private partnership to market and promote incentives provided by act 221, session laws of hawaii 2001, for investors to invest in high technology in hawaii.

 

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

SECTION 1. Through Act 178, Session Laws of Hawaii 1999, and Act 297, Session Laws of Hawaii 2000, the legislature provided a platform to encourage the continued growth and development of high technology businesses and associated industries in Hawaii. These legislative efforts have resulted in growing interest in Hawaii as a viable high technology marketplace. Additional incentives were put in place through Act 221, Session Laws of Hawaii 2001, to set Hawaii apart as a technology-friendly place to do business for both technical and nontechnical businesses.

Although the incentives are in place, the legislature finds that they have not been exploited to an optimal degree in attracting investments in high technology businesses or attracting high technology businesses to enter the Hawaii market - in large part due to a lack of exposure to potential investors and entrants to high technology industries.

The purpose of this Act is to market and promote the incentives, as refined in Act 221, Session Laws of Hawaii 2001, to attract investment in high technology businesses and to attract new entrants into high technology industries in Hawaii. This purpose can be met by appropriating moneys to enable the creation of a public-private partnership, to be operated on a matching funds basis, to market and promote the incentives provided by Act 221, Session Laws of Hawaii 2001.

SECTION 2. High technology industries; marketing and promotion of incentives; public-private partnership. (a) The director of business, economic development, and tourism, without regard to chapters 42F and 103D, Hawaii Revised Statutes, shall enter into a two-year agreement with the Hawaii Technology Trade Association, in a public-private partnership, to market and promote the incentives offered by Act 221, Session Laws of Hawaii 2001, to private investors to invest in high technology in Hawaii or to enter high technology industries in Hawaii. The State, through the department of business, economic development, and tourism, shall provide funds to be matched by an equal amount from the private sector partner to the agreement.

(b) The agreement shall include at least the following:

(1) Measurable objectives and goals against which contract performance can be gauged;

(2) Clear delineation of roles, functions, and tasks to be performed by the two parties to the agreement;

(3) Specific conditions, including nonperformance, under which the contract may be terminated; and

(4) Reports to the governor and the legislature detailing progress of the marketing and promotion project to date, including expenditures and measurable effectiveness:

(A) First interim report due twenty days prior to the convening of the regular session of 2004;

(B) Second interim report due twenty days prior to the convening of the regular session of 2005; and

(C) Final report due June 30, 2005.

SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $           , or so much thereof as may be necessary for fiscal year 2003-2004, and the sum of $           , or so much thereof as may be necessary for fiscal year 2004-2005, to fund the marketing and promotion of the incentives provided by Act 221, Session Laws of Hawaii 2001, to attract investments in high technology businesses and opportunities in Hawaii and to attract entrants to high technology industries in Hawaii, through the operation of a public-private agreement between the State, through the department of business, economic development, and tourism and the Hawaii Technology Trade Association, as the private sector party to the agreement, who shall provide matching amounts in fiscal years 2003-2004 and 2004-2005.

SECTION 4. The sums 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 upon its approval and shall be repealed on June 30, 2005, except that sections 3 and 4 shall take effect on July 1, 2003.

INTRODUCED BY:

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