HI HB2191

Authorizes the Board of Land and Natural Resources to extend commercial, industrial, resort, or government leases on public land for up to 40 years upon approval of a development agreement for substantial improvements.

Applies only to leases that have not been assigned or transferred within the 10 years prior to extension application, excluding sales of company ownership, collateral assignments for financing, and certain ownership changes.

Requires lessees to submit development plans for board review to determine if improvements justify extension, establish completion timelines, and set revised annual rent based on fair market value appraisal.

Prohibits lease assignment or transfer during the first 10 years of the extended term except through inheritance, financing arrangements, certain ownership changes, or operation of law; subsequent periods allow assignment with board approval.

Applicant must pay all department costs for processing the extension request, and construction cannot begin until a performance bond is filed; takes effect July 1, 2050, and sunsets June 30, 2025.