Urging The Department Of Hawaiian Home Lands To Repeal, Revoke, Or Buy Out The Remainder Of The Lease Of The Prince Kuhio Plaza And Resell That Lease At Fair Market Value To A New Entity That Agrees To Properly Maintain The Property.
The resolution calls for the potential repeal, revocation, or buyout of the current lease to facilitate a new leaseholder committed to proper management and maintenance of the plaza. This step is seen as necessary to restore the plaza's economic vitality, which has been compromised by declining conditions attributed to the inadequate management of the current lessee. By addressing these issues, the resolution aims to enhance local commerce and preserve employment opportunities for the community.
Senate Resolution 196 urges the Department of Hawaiian Home Lands to take decisive action concerning the lease of Prince Kuhio Plaza, the largest enclosed mall on Hawaii Island. The resolution highlights the plaza's importance as a commercial hub for Hilo and nearby communities, stating that it is essential for local businesses and employment opportunities. However, the current lessee, Ho Retail Properties I, Ltd., has been criticized for failing to maintain the property adequately, leading to deterioration that negatively affects tenants and visitors alike.
The push for intervention by the Department of Hawaiian Home Lands raises questions about the state's responsibility in ensuring the wellbeing of properties vital for Native Hawaiian beneficiaries. Moreover, the idea of reselling the lease at fair market value has the potential to attract more capable management, but it can also lead to debates on the implications for local businesses that depend on the plaza's success. Overall, the resolution reflects a strong desire among lawmakers to protect and revitalize significant community assets, ensuring that economic opportunities are sustained.