HI HB1289

Authorize the Department of Budget and Finance to issue special purpose revenue bonds up to $95,000,000 to assist HK Management, LLC in financing a surf industry center in Kalaeloa on Oahu.

The surf center will include research, development, manufacturing, testing facilities, and a surf and aquatic film studio selected by the Hawaii Community Development Authority through a 2020 public process.

Expected benefits include supporting local surf-related businesses, attracting film projects, providing an artificial surf facility for training and design testing, and creating employment opportunities.

Bond authorization lapses on June 30, 2026, with authority to refund bonds issued after this date through compliance with federal tax-exempt bond requirements.

Act takes effect July 1, 2021.