Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committees on Water, Land, and Agriculture and Ways and Means, to which was referred S.B. No. 1619, S.D. 1, entitled:

beg leave to report as follows:

The purpose of this measure is to establish an investment tax credit for the development of a motor sports recreation and public safety training and educational facility at Kalaeloa, parcel 9, and for directly related expenditures for land acquisition and closing costs, studies, infrastructure, construction, and design and engineering.

Testimony in support of this measure was submitted by Hawaii Motorsports Center and the Pacific Karting Club.

Your Committees find that after nearly fifteen years of seeking appropriate lands to construct a new motor sports facility, the Hawaii Motorsports Center has found property in Kalaeloa, an area that has endured tough economic times since the closure of the Barbers Point Naval Air Station. This measure would provide incentives for investors to fund the best possible racing surfaces, safety features, medial resources, classrooms, emergency equipment, and basic public amenities to encourage all enthusiasts to "save it for the track." The existing facility is forty years old, meets only the minimum safety requirements, and is at its limits because it cannot be expanded or improved due to the City and County of Honolulu Land Use Ordinance and the two years remaining on the present lease. The new facility would provide all of the required services and safety features necessary for immediate rental and production of events of national and international interest. It would bring the track into conformance with the diverse needs of the track's users, sanctioning bodies, and insurance companies. Also, the new facility would be used to properly educate the motoring public, especially our youth, on the dangers of the automobile; the physics, science, and math of vehicles; and about how to decrease the frequency of abuses on the public streets.

Your Committees have amended this measure to:

As affirmed by the records of votes of the members of your Committees on Water, Land, and Agriculture and Ways and Means that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1619, S.D. 1, as amended herein, and recommend that it pass Third Reading in the form attached hereto as S.B. No. 1619, S.D. 2.