HI HB1289

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $95,000,000 to assist HK Management, LLC in financing surf industry center facilities at Kalaeloa on Oahu.

Proposed surf center will include research, development, manufacturing, and testing facilities, plus a surf and aquatic film studio selected through a public process completed in 2020.

Expected benefits include supporting local surf-related businesses, providing a world-class film studio, creating an artificial surf training facility, and generating employment opportunities while promoting Hawaii surf culture.

Bonds may be refunded after issuance and the authorization expires June 30, 2026, though refunding bonds may be issued after that date.

Act takes effect July 1, 2021.