HI HB1469

Establishes procedures for designating public land redevelopment districts for commercial, industrial, hotel, and resort properties that have deteriorated due to age or obsolescence, with planning committees authorized to prepare redevelopment plans and renew or renegotiate leases on favorable terms.

Creates planning committees consisting of 9 members (including state and county officials plus 7 public members with expertise in business, finance, real estate, or hotel management) to oversee redevelopment districts with a district administrator as chief executive officer.

Modifies public land lease restrictions by allowing lease renewal options, extending lease terms upon approval of development agreements for substantial improvements, and adding hotel and resort leases to categories eligible for rental modifications and term extensions.

Designates the Waiakea peninsula on the island of Hawaii as a redevelopment district (in effect until June 30, 2027) with its own planning committee and revolving fund receiving 50% of revenues from public lands in the district.

Appropriates $500,000 to the Waiakea peninsula redevelopment district revolving fund for fiscal year 2017-2018 and authorizes $300,000 annually for fiscal years 2017-2019 for implementation purposes.