HB 2693 Summary

• Establishes the Cultural Corridor Authority as a public instrumentality placed within the Department of Business, Economic Development, and Tourism to oversee redevelopment of disaster-affected areas with focus on historic and cultural preservation.

• Creates the Lahaina Cultural Corridor District with a two-year transition period beginning July 1, 2025, during which the authority shall develop a redevelopment plan emphasizing cultural preservation, Mokuula restoration, and shoreline setback establishment.

• Authorizes the authority to acquire property through purchase or condemnation, issue bonds for public facilities, assess real property for improvements, and establish redevelopment rules that supersede inconsistent county ordinances.

• Provides an income tax credit equal to the assessed value of real property relinquished to a county by taxpayers located in disaster-affected areas, with unused credits transferable to subsequent years.

• Directs the Attorney General to commence eminent domain proceedings to acquire privately-owned property in disaster-affected areas for redevelopment purposes, with appropriations authorized for both authority operations and legal proceedings.