Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development, to which was referred S.B. No. 2495, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of general obligation bonds for the construction of wet lab space and a biotech incubator at Kakaako.

Testimony in support of the measure was received from the Department of Business, Economic Development, and Tourism; the High Technology Development Corporation; the Hawaii Community Development Authority; and the University of Hawaii.

Your Committee finds that biotechnology-related research and development represents a promising industry for Hawaii because of Hawaii's unique natural resources and pool of talented professionals in the private and public sectors. The lack of wet lab space and a biotech incubator have been identified as major impediments to attracting additional biotechnology related companies and research to Hawaii. By providing the necessary financing to construct crucial wet lab space and a biotech incubator, this will increase the number of high technology related jobs in the State, increase the amount of revenue flowing into the State, and diversify Hawaii's economy.

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. 2495, S.D. 1, and recommends that it be referred to the Committee on Ways and Means.