HI HB1164

Authorizes the Department of Land and Natural Resources to review and consider the sale or exchange of Sand Island industrial park parcels to current leaseholders.

Requires the department to evaluate lease terms, income projections through 2017 and beyond, property values, tenant income streams, and other relevant factors in making its decision.

Mandates the department submit a report with findings and recommendations to the legislature no later than twenty days before the 2012 regular legislative session.

Acknowledges that Sand Island Business Association members have invested over $61 million total ($41 million in infrastructure improvements and $20 million in leasehold improvements) since the 1992 lease agreement and face difficulty securing financing as the lease period shortens.

Takes effect July 1, 2011.