Relating To The Issuance Of Special Purpose Revenue Bonds To Assist Kaunalewa.
The issuance of up to $10 million in special purpose revenue bonds will allow Kaunalewa to finance various aspects of the project, including acquisition, construction, remediation, and development efforts. The legislature finds this project not only addresses local economic challenges but also aims to preserve a historic cultural site while promoting public health and welfare. By transforming this site into a hub for product creation and incubation, the bill seeks to stimulate economic activity on the west side of Kauai which has suffered economically since the mill's closure.
Senate Bill 174 is a legislative proposal aimed at facilitating the development and redevelopment of the old Kekaha Sugar Mill in Kauai, Hawaii, by authorizing the issuance of special purpose revenue bonds. The bill replaces the original entity, E Ola Mau Na Leo O Kekaha, with Kaunalewa, a domestic 501(c)(3) organization, to manage the acquisition and remediation project. Through this amendment, the state intends to revive the site, which has faced significant decline following the closure of the sugar mill, by implementing initiatives like a community marketplace, cultural center, and workforce development hub.
While the bill is primarily framed as a means for economic revitalization, it may be perceived as contentious among sectors that feel local governance and decision-making should have a greater role. There might be concerns regarding the extent of state involvement versus local control in the development process. Additionally, discussions around the allocation of funds and the project's long-term sustainability could arise as attention shifts to how effectively the redevelopment will provide tangible benefits to the local community.