HB 624 Summary

• Transfers all powers, duties, functions, and resources of the Hawaii Strategic Development Corporation to the Hawaii Technology Development Corporation, consolidating technology and economic development programs under one agency.

• Establishes strategic development programs under HTDC including seed capital assistance, venture capital investment programs, and capital access programs to support technology-based economic development and job creation in Hawaii.

• Creates the strategic development programs revolving fund and hydrogen investment special fund to finance investments, loans, guarantees, and other financial assistance for qualified businesses and economic development projects.

• Modifies the HTDC board of directors from 11 to 9 voting members, with specified appointments from the legislature and county economic development boards, and removes the HSDC board representative from the Natural Energy Laboratory authority board.

• Appropriates $720,000 for fiscal year 2019-2020 to hire one technology park coordinator and fund a first responders technology park proof of concept project.