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 H.B. No. 1310, H.D. 1, entitled:

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 the Department of Hawaiian Home Lands and Hi-Tech Hawaii, Inc.

Your Committee finds that on Oahu, our lands can foster a high technology corridor stretching potentially from the current Stadium Bowl-O-Drome property at Moiliili to a new science and technology center at Kalaeloa, the former Barber's Point Naval Air Station. Special purpose revenue bonds could serve as an important financing vehicle to generate significant benefits for the community and Hawaii's economy.

Your Committee has amended this measure by deleting language regarding development agreements for the facility, and by specifying funding up to ten million dollars.

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 H.B. No. 1310, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1310, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.