Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2713, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to establish the brownfields cleanup revolving loan fund to provide low interest loans to clean contaminated industrial and commercial sites, and to monitor cleanup effectiveness.

Your Committee finds that brownfields redevelopment stimulates economic growth of communities and safeguards the public's health by eliminating health risks at contaminated sites. The cost and risks associated with using brownfields sites, however, have lowered interest in redevelopment. The Department of Business, Economic Development, and Tourism has applied for a U.S. Environmental Protection Agency grant for funds to capitalize the revolving loan fund. The fund would reduce the risks associated with brownfields redevelopment by providing low interest loans for public and private borrowers to finance cleanup.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2713, S.D. 1, and recommends that it pass Third Reading.