Appropriates funds as a grant-in-aid to the Maui Economic Development Board to fund construction of tenant improvements at its new facility.

A BILL FOR AN ACT

SECTION 1. The Maui Economic Development Board was the first economic development board in Hawaii. Since its inception in 1982, the Maui Economic Development Board has provided leadership and vision in the development of physical infrastructure, workforce, and a receptive business climate in support of attracting and growing diversified industry in Hawaii.

The Maui county self-sufficiency wage for a parent with two children exceeds $50,000 per year. The technology industry pays a family living wage, with an average salary of $60,000 to $70,000 a year. The Maui Economic Development Board led the public-private partnership development of the Maui Research and Technology Park, Maui Research and Technology Center, and the Maui High Performance Computing Center, bringing technology sector jobs to Maui. As a result, Maui's technology industry has grown by more than one thousand workers since 1982.

Maui's technology industry continues to grow. The completion of the Maui Economic Development Board Incubator Project will add over thirty-one thousand square feet of technology industry expansion space to the Maui Research and Technology Park. When this project opens in 2005, it will support more than one hundred additional technology industry employees.

Groundbreaking is scheduled for early 2005 for a permanent facility to house the Maui Economic Development Board, the Maui offices of the Hawaii Small Business Development Center, and the Hawaii Business Research Library. The close proximity of these organizations will allow continued collaboration and partnership in delivering the Maui Economic Development Board's economic diversification programs.

A one-time grant-in-aid for assistance with the Maui Economic Development Board's new facility will free organization resources for investment in current and planned programs aimed at economic diversification.

The purpose of this Act is to authorize a grant-in-aid to the Maui Economic Development Board.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000, or so much thereof as may be necessary for fiscal year 2005-2006, for a grant-in-aid to the Maui Economic Development Board for construction of tenant improvements at its new facility.

SECTION 3. The sum appropriated shall be expended by the Maui Economic Development Board for the purposes of this Act.

SECTION 4. This Act shall take effect on July 1, 2005.