HB 1270 Summary

• Directs the Board of Land and Natural Resources to negotiate acquisition of a 10-acre agricultural property in Kamuela, Hawaii (Tax Map Key (3) 6-8-001:030) with seven buildings equipped with irrigation systems, not to exceed the appraised value.

• Authorizes the Director of Finance to issue general obligation bonds for purchasing the property from Hanano Nursery, Inc., with the amount to be specified.

• Appropriates funds for fiscal year 2018-2019 for the Board of Land and Natural Resources to conduct negotiations and due diligence, including environmental assessments and sampling analysis.

• Establishes the Agricultural Land Acquisition Fund administered by the Agribusiness Development Corporation, funded by legislative appropriations, environmental response and food security tax revenues, and donations, for acquiring and managing agricultural lands and irrigation systems to improve food security.

• Takes effect July 1, 2050.