Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 2587 entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of revenue bonds to build a student housing and mixed-used project at the site of the Atherton Young Men's Christian Association (YMCA).

The University of Hawaii and Atherton YMCA testified in support of this measure and comments were submitted by the Special Assistant to the Governor for Housing and the Department of Budget and Finance.

This measure authorizes the Housing and Community Development Corporation of Hawaii (HCDCH) to issue $15,000,000 in revenue bonds and appropriates the same amount to fund the construction of a student housing and mixed-use project at the site of the Atherton YMCA. The project would replace the YMCA's aging structures and includes two hundred new dormitory rooms, meeting rooms, activity space, a restaurant, and one hundred eighty parking stalls.

Your Committee has amended this measure by:

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2587, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2587, S.D. 1, and be referred to the Committee on Ways and Means.