HB 467 Summary

• Authorizes designation of public lands (commercial, industrial, resort, hotel uses) as redevelopment districts to address dilapidated or obsolete infrastructure and buildings.

• Establishes planning committees for each redevelopment district with nine members (including two ex officio state/county officials and seven appointed public members with relevant expertise) to manage redevelopment and lease public lands.

• Designates the Waiakea peninsula on Hawaii island as the first redevelopment district and creates a corresponding planning committee and revolving fund.

• Allows the Board of Land and Natural Resources to reduce or waive lease rental for up to 20 years when lessees must demolish existing improvements or provide basic infrastructure (drainage, sewer, water, electricity), capped at the lessee's total expenditures.

• Exempts costs associated with construction, demolition, and infrastructure improvements for redevelopment projects from general excise and use taxes; effective January 1, 2050.