STAND. COM. REP. NO. 3759

Honolulu, Hawaii

RE: H.B. No. 2088

H.D. 3

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2088, H.D. 3, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO FINANCING,"

begs leave to report as follows:

The purpose and intent of this measure is to facilitate the financing of wastewater, clean energy, or other qualifying improvements for commercial properties.

Specifically, the measure:

(1) Establishes a commercial property assessed financing program; and

(2) Authorizes property assessed financing for commercial properties.

Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism; Hawaii Green Infrastructure Authority; Hawaii Reef and Ocean Coalition; Nuveen Green Capital; Hawaii Bankers Association; Petros PACE Finance, LLC; PACENation; C-PACE Alliance; WAI: Wastewater Alternatives & Innovations; CORAL (Coral Reef Alliance); Elemental Excelerator; and Maui Chamber of Commerce.

Your Committee received written comments on this measure from the Hawaii Public Utilities Commission, City and County of Honolulu, Tax Foundation of Hawaii, and Hawaii Financial Services Association.

Your Committee finds that to make wastewater, clean energy, or other qualifying commercial property improvements more affordable, the State should create a financial assistance program so that commercial property owners are more willing to voluntarily finance these improvements.

Your Committee has amended this measure by:

(1) Changing the effective date to upon its approval; and

(2) Making technical nonsubstantive changes for purposes of clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2088, H.D. 3, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2088, H.D. 3, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

________________________________

DONOVAN M. DELA CRUZ, Chair