HI SB608

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

Review shall examine current lease terms, lease income to date and projected through 2017, uses of lease revenues, and alternative revenue sources to replace lost lease income.

Department must report findings and recommendations to the legislature no later than 20 days before the 2012 regular session convenes.

Background: Sand Island Business Association entered a 55-year lease in 1992 covering 74 acres; members have invested over $61 million total in infrastructure and leasehold improvements and seek to purchase fee interest in their lots.