HI SB627

Creates the Hawaii Public Lands Development Corporation, a state agency placed within the Department of Land and Natural Resources, to optimize use of public lands for economic, environmental, and social benefit.

Establishes an 11-member board of directors consisting of 8 governor-appointed members (one from each county plus 4 at-large) plus 2 ex-officio members from DLNR and the Department of Business, Economic Development, and Tourism.

Authorizes the corporation to develop public land projects, acquire and manage real property, provide financing and investment assistance to enterprises, and issue revenue bonds for project facilities with maturities up to 30 years.

Creates the Hawaii Public Lands Development Revolving Fund to support investments in qualified enterprises engaged in land management, land development, and value-added products, with limits of $500,000 per enterprise and caps on direct investments.

Appropriates unspecified funds for fiscal years 2011-2012 and 2012-2013 to establish the corporation and hire necessary staff, effective July 1, 2011.