Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Economic Development, to which was referred S.B. No. 1211 entitled:

begs leave to report as follows:

The purpose of this measure is to issue special purpose revenue bonds for the establishment of a cacao bean processing venture in Keaau to contribute to eco-tourism and agricultural education.

Testimony supporting this measure was submitted by Keeau Plantation Estates, LLC, and comments on this measure were submitted by the Board of Agriculture.

Your Committee finds that the proposed processing facility will sit on 40 acres previously planted with cacao trees. The special purpose revenue bonds will allow Keaau Plantation Estates, LLC to provide for the processing of a proven crop of cacao beans, an attractive and interesting visitor center for residents and tourists, and employment opportunities.

Your Committee has amended this measure to correct the spelling of "Keaau" on page 1, line 8.

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. 1211, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1211, S.D. 1, and be referred to the Committee on Ways and Means.