SB 654: RELATING TO LAND LEASES.

A BILL FOR AN ACT

relating to LAND LEASES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that the department of Hawaiian home lands is the fee owner of the real property located at 111 East Puainako Street, Hilo, Hawaii 96720, upon which sits the Prince Kuhio Plaza, the largest enclosed mall on the island of Hawaii.  The lessee of the land is Ho Retail Properties I, Ltd., which has been negligent in properly maintaining the plaza, leading to leaks in the building and stores vacating the plaza.

     The purpose of this Act is to require the department of Hawaiian home lands to repeal, revoke, or buy out the remainder of the lease and resell the lease at fair market value to a new entity that will properly maintain the plaza.

     SECTION 2.  The department of Hawaiian home lands shall repeal, revoke, or buy out the remainder of the lease of the real property located at 111 East Puainako Street, Hilo, Hawaii 96720, and resell that lease at fair market value to a new entity that agrees to properly maintain the plaza.

     SECTION 3.  This Act shall take effect upon its approval.

Report Title:

Prince Kuhio Plaza; DHHL; Lease; Revocation

Description:

Requires the Department of Hawaiian Home Lands to repeal, revoke, or buy out the remainder of the lease of the real property under the Prince Kuhio Plaza, in Hilo, Hawaii, and resell that lease at fair market value to a new entity that agrees to properly maintain the plaza.

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