HI HB1617

Authorizes the Board of Land and Natural Resources to extend leases for commercial, hotel, resort, or industrial properties on state land upon approval of a development agreement for substantial improvements.

Requires lessees to submit plans and specifications for review, with the board determining if the development justifies extension, the completion timeline, and revised annual rent based on fair market value.

Defines "substantial improvements" as renovations or construction costing at least 50 percent of the demised premises' market value, to be completed by a specified date.

Limits lease extensions to a maximum of 55 years and requires lessees to file a bond ensuring performance of all development agreement terms before construction begins.

Takes effect July 1, 2030, and expires December 31, 2015; applicants must pay all costs associated with processing and analyzing extension requests.