HI SB1555

Establishes the Public Land Development Corporation as a public body corporate under the Department of Land and Natural Resources to develop and manage underutilized public lands for recreational, commercial, and revenue-generating purposes.

Creates a five-member board of directors consisting of the BLNR chairperson (or deputy), Director of Finance, Director of Business Economic Development and Tourism, and two members appointed by the Speaker and Senate President with expertise in business, development, recreation, banking, real estate, or finance.

Grants the corporation authority to acquire, develop, and lease public lands; conduct market analysis; enter into public-private agreements; issue revenue bonds (up to 30-year maturity); and invest in enterprise securities with limits of $500,000 per enterprise and no more than 49% voting stock ownership.

Establishes the Hawaii Public Land Development Revolving Fund to hold appropriations, bond proceeds, and revenues from facilities; requires revenues to be applied to bond payments, operations and maintenance (not exceeding 15%), and program reserves (not exceeding 85%).

Appropriates $135,500 for fiscal years 2011-2012 and 2012-2013 from the Land Conservation Fund to establish the corporation and fund three staff positions: executive director, planner, and project-development specialist; effective July 1, 2011.