H.B. 583 Summary

• Appropriates general revenues to the Hawaii Technology Development Corporation for fiscal year 2017-2018 to cover operational and administrative costs, replacing revenue previously generated from subleasing space at the Manoa Innovation Center.

• Addresses the expiration of the corporation's lease agreement with the University of Hawaii for the Manoa Innovation Center on July 1, 2018, which would eliminate approximately 50 percent of funding for staff salaries and operating expenses.

• Provides temporary funding to allow the corporation time to develop public-private partnerships for a new incubator facility where startup companies can lease space to generate future operational revenues.

• Appropriation amount left blank in the bill text (no specific dollar amount specified).

• Effective date set for July 1, 2050.