STAND. COM. REP. NO. 963
RE: S.B. No. 1412
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Economic Development, to which was referred S.B. No. 1412, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR THE HONOKEA SURF VILLAGE,"
begs leave to report as follows:
The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist HK Management LLC, in planning, designing, constructing, reconstructing, renovating, acquiring, equipping, and improving surf industry center facilities.
Your Committee received testimony in support of this measure from the Hawaii Ocean Education Foundation; HK Management LLC; Kai Law, LLC; Advantage Sports Academy, Inc.; and numerous individuals. Your Committee received comments on this measure from the Department of Budget and Finance and Hawaii Community Development Authority.
Your Committee finds that HK Management LLC, a Hawaii limited liability company, proposes to build a surf industry center on state lands, which will include facilities for research, development, manufacturing, and testing and a surf and aquatic film studio. This measure advances the State's interest by promoting Hawaii's surfing and film industries and supporting cultural education, smart tourism, and economic development.
Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1412, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1412, S.D. 2, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development,
SEAN QUINLAN, Chair