STAND. COM. REP. NO. 2448
Honolulu, Hawaii
RE: S.B. No. 3142
Honorable Ronald D. Kouchi
President of the Senate
Thirtieth State Legislature
Regular Session of 2020
State of Hawaii
Sir:
Your Committee on Hawaiian Affairs, to which was referred S.B. No. 3142 entitled:
"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST PUEO DEVELOPMENT, LLC,"
begs leave to report as follows:
The purpose and intent
of this measure is to authorize the issuance of special purpose revenue bonds
for a master planned development proposed by Pueo Development, LLC, at the
Waiohuli Hawaiian Homestead.
Your Committee
received testimony in support of this measure from the Department of Hawaiian
Home Lands; Hawaii Operating Engineers Industry Stabilization Fund; Pueo Development,
LLC; Waiohuli Hawaiian Homesteaders Association Inc.; and eleven individuals. Your Committee received testimony in
opposition to this measure from the Center for Hawaiian Sovereignty Studies. Your Committee received comments on this
measure from the Department of Budget and Finance.
Your Committee finds that
the development of low- and moderate-income housing, alternative energy
sources, infrastructure, and economic opportunities continues to be in the public
interest. Pueo Development, LLC, is a
Hawaii company that offers sustainable solutions for developing low- and
moderate-income housing, alternative energy, and infrastructure, while
facilitating economic opportunities through project development. Pueo Development, LLC, proposes to design,
build, and operate a master planned development in support of a public-private
partnership with Waiohuli Hawaiian Homesteaders Association, Inc., on
approximately one hundred fifty acres of Department of Hawaiian Home Lands land
in Waiohuli, Maui. This proposed development
includes low- and moderate-income housing units; rental housing units; elderly
care units; alternative energy development systems; and infrastructure
development, including roads and utilities.
Your Committee has
carefully considered the use of special purpose revenue bonds to support Pueo
Development, LLC, and its proposed development.
Your Committee finds that the use of special purpose revenue bonds to
assist Pueo Development, LLC, is consistent with similar investments that the
State has made for other comparable master planned projects. The issuance of special purpose revenue bonds
to assist Pueo development, LLC, will provide critical financial flexibility to
support the proposed development's initiatives.
The measure will authorize funding for the development, which will
create numerous new jobs and housing in the State that will in turn improve the
State's economy.
As affirmed by the record of votes of the members of your Committee on Hawaiian Affairs that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3142 and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Hawaiian Affairs,
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________________________________ MAILE S.L. SHIMABUKURO, Chair |
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