HI SB1292

Establishes a framework for designating public land redevelopment districts for commercial, industrial, hotel, and resort properties that have deteriorated due to age or obsolescence.

Creates the Waiakea Peninsula Redevelopment District on the island of Hawaii, bounded by specific streets and shoreline, to address infrastructure deterioration in an area containing 85% of East Hawaii County's overnight visitor accommodations.

Establishes a nine-member planning committee for each redevelopment district with authority to prepare redevelopment plans, renew/renegotiate leases, reduce or waive rental for one year for substantial improvements, and hire a district administrator.

Authorizes the board of land and natural resources to extend commercial, hotel, resort, and industrial leases for up to 55 years when lessees make substantial improvements costing at least 50% of the property's market value.

Creates a separate revolving fund for each redevelopment district funded by 50% of revenues from public lands in that district, legislative appropriations, and gifts/grants to support district improvements and development.