HI HB1025

Authorizes the Board of Land and Natural Resources to extend commercial, industrial, resort, or government leases on public lands for up to 40 years if the lessee commits to substantial improvements and the lease has not been assigned or transferred within the past 10 years.

Requires lessees to submit detailed plans and specifications to the board, which must determine whether the proposed development justifies the extension, the timeline for completion, and the minimum revised annual rent based on fair market value as determined by an appraiser.

Prohibits lease transfers or assignments during the first 10 years of the extended term except through devise, bequest, or intestate succession; includes prohibition on changes in ownership by more than 20 percent of a company or entity lessee.

Defines "substantial improvements" as renovations, rehabilitations, reconstructions, or construction with costs equaling or exceeding 30 percent of the market value of existing improvements.

Sunsets on June 30, 2024, and does not apply to University of Hawaii leases or Hawaiian Homes Commission Act lands; applicant must pay all departmental costs related to processing the extension request.