Relating To The Issuance Of Special Purpose Revenue Bonds To Assist Hk Management, Llc.
Impact
The legislative intent behind SB963 is to enhance local surf-related businesses by ensuring that Hawaii remains a significant player in surfboard design, manufacturing, and testing. Furthermore, it is expected to create job opportunities and increase public awareness surrounding Hawaii’s surf culture and history. By enabling the construction of an artificial surf facility, the bill also outlines provisions for local surf competitions and training, which could stimulate both tourism and community engagement in surfing sports.
Summary
Senate Bill 963 (SB963) relates to the issuance of special purpose revenue bonds to assist HK Management, LLC in establishing a surf industry center in Kalaeloa, Oahu. The center is intended to encompass research, development, testing facilities, and a surf and aquatic film studio. The initiative aims to bolster Hawaii's surfing and film industries, supporting cultural education and smart tourism while generating economic growth. The surf center is envisioned as a venue for both local and global production projects, thereby influencing the economy positively.
Contention
Although SB963 passed unanimously without opposition, discussions around the potential implications of funding through special purpose revenue bonds may spark debate. Critics may express concern regarding the financial responsibility of the state to support private enterprises and the longevity of such investments. Nonetheless, proponents argue that the proposed surf industry center aligns with broader goals of economic revitalization and community development, making it a worthy pursuit for the state.