STAND. COM. REP. NO.  1554-08

Honolulu, Hawaii

                , 2008

RE:   H.C.R. No. 312

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Economic Development & Business Concerns, to which was referred H.C.R. No. 312 entitled:

"HOUSE CONCURRENT RESOLUTION URGING THE UNIVERSITY OF HAWAII TO EXTEND ITS LAND LEASE WITH THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION TO CONTINUE TO OPERATE THE MANOA INNOVATION CENTER,"

begs leave to report as follows:

     The purpose of this concurrent resolution is maintain support for high technology economic development in Hawaii by encouraging the University of Hawaii (UH) to extend its existing land lease with the High Technology Development Corporation (HTDC) for the Manoa Innovation Center (MIC).

     HTDC testified in strong support of this measure.  UH offered comments.

     As the only viable technology incubator on the island of Oahu, HTDC's MIC offers a valuable service to fledgling high technology and innovation based businesses.  Over 80 percent of the companies incubated in MIC have developed into successful private sector technology companies.

     The existing land lease between the UH and HTDC for MIC expires in April 2015.  Should the lease expire, MIC would be forced to relocate.  However, development of MIC took approximately five years, and a similar time frame would be expected for the creation of a new innovation center.       Additionally, the success of MIC is strongly related to its proximity to the research institutions of the UH; an innovation center located elsewhere may not have the same effectiveness as the MIC.

     As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 312 and recommends its adoption.

Respectfully submitted on behalf of the members of the Committee on Economic Development & Business Concerns,

____________________________

KYLE T. YAMASHITA, Chair