Report Title:

Unilateral Agreements

Description:

Requires unilateral agreements with real estate developers to contain specific completion dates for required improvements or completion dates as required pursuant to a warrant assessment.

HOUSE OF REPRESENTATIVES	H.B. NO.	727
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII

A BILL FOR AN ACT

relating to real property.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Chapter 46, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§46-   Unilateral agreements. Any unilateral agreement entered into by the developer of real property that requires the developer to provide any public or private infrastructure or other improvement shall contain a specific completion date for the development of the required infrastructure or improvement.  If no completion date is determined at the time of the execution of the unilateral agreement, the completion date shall be determined by an assessment study that shall commence upon the execution of the unilateral agreement to determine when the required infrastructure or improvement shall be warranted by the development of the real property.  The required infrastructure or improvement shall be completed by the date that the assessment study determines that the infrastructure or improvement is warranted."

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun, before its effective date.

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

INTRODUCED BY:

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