S.B. 1423 Summary

• Increases stadium authority membership from nine to eleven members, with two new members required to be residents of specific areas near the stadium development district

• Establishes the stadium development special fund to receive revenues from stadium operations, grants, and bonds; allows the old stadium special fund to sunset when depleted

• Expands stadium authority powers to repair, maintain, and operate stadium facilities and the development district, including acquiring and holding real property and entering into long-term leases up to 99 years

• Exempts land held by the stadium authority from the definition of "public lands" but requires return to the public land trust if no longer needed for stadium purposes

• Transfers $170 million in general obligation bonds appropriated by Act 268 (2019) from the Hawaii community development authority to the stadium authority for stadium development projects