STAND. COM. REP. NO. 1103
RE: H.B. No. 869
Honorable Ronald D. Kouchi
President of the Senate
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Housing, to which was referred H.B. No. 869, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST LUANA KAI A LIFE PLAN COMMUNITY,"
begs leave to report as follows:
The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to assist Luana Kai A Life Plan Community with the planning, design, and construction of a three hundred sixty-six-unit retirement community for seniors in the Honolulu suburb of Hawaii Kai.
Your Committee received testimony in support of this measure from Luana Kai A Life Plan Community. Your Committee received comments on this measure from the Department of Budget and Finance.
Your Committee finds that special purpose revenue bonds are used to assist statutorily designated categories of private entities in raising funds to purchase or build capital facilities. A continuing care retirement community, like the kind Luana Kai A Life Plan Community plans to build, is a health care facility as defined in part II, chapter 39A, Hawaii Revised Statutes. As such, the project is eligible for the issuance of special purpose revenue bonds that will assist the company in building a large senior living development in Hawaii Kai, which is a community in need of senior housing options.
As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 869, H.D. 1, and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Housing,
STANLEY CHANG, Chair