HI HB1025

Authorizes the Board of Land and Natural Resources to extend commercial, industrial, resort, or government leases on public lands for lessees that have not assigned or transferred their leases within the preceding ten years.

Requires lessees to submit a development agreement with plans and specifications for substantial improvements to existing facilities, with the board determining if the development justifies an extension and setting revised annual rent based on fair market value.

Limits lease extensions to a maximum period of 40 years and prohibits assignment or transfer during the first 10 years of the extended term, except through inheritance; any subsequent subleasing requires board approval.

Defines "substantial improvements" as renovations or construction with costs equaling or exceeding 30 percent of the market value of existing improvements and excludes leases held by the University of Hawaii or those involving Hawaiian home lands.

Expires on June 30, 2024.