HI SB1530

Authorizes the Board of Land and Natural Resources to extend hotel or resort leases on public lands when lessees commit to substantial improvements through an approved development agreement.

Requires lessees to submit detailed plans and specifications, and the board must determine the development's worth, completion timeline, and minimum revised annual rent based on fair market value appraisal.

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

Requires lessees to pay all department costs for processing and negotiating the lease extension, and file a performance bond before construction begins.

Limits lease extensions to a maximum of fifty-five years and requires at least seventy-five percent of living or sleeping quarters to be used for transient accommodations; bill repeals December 31, 2015.