Bill Text: HI HB1490 | 2015 | Regular Session | Introduced

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Bill Title: Transit-Oriented Development; Revolving Fund. ($)

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-02-02 - Referred to EDB, WAL, FIN, referral sheet 6 [HB1490 Detail]

Download: Hawaii-2015-HB1490-Introduced.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	1490
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO A TRANSIT-ORIENTED DEVELOPMENT REVOLVING FUND.

 

 

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

 

     SECTION 1.  The purpose of this Act is to create a no‑interest loan revolving fund to provide loans for public-private partnerships to support transit-oriented development, which may be guaranteed by the department of budget and finance.

     SECTION 2.  Chapter 36, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§36‑    Transit-oriented development revolving loan fund.  (a)  There is established the transit-oriented development revolving loan fund to be administered by the director of finance, into which shall be deposited:

     (1)  Appropriations made by the legislature;

     (2)  Private contributions;

     (3)  Loan payments;

     (4)  Other returns; and

     (5)  Moneys from the federal government and other sources.

     (b)  An amount from the fund to be set by the director may be used for administrative expenses incurred by the department in administering the fund; provided that moneys in the fund may not be used to finance day-to-day administrative expenses of projects allotted fund moneys.

     (c)  The fund shall be used to provide no-interest loans for public-private partnerships intended for development, pre-development, or construction of housing projects, and infrastructure projects including regional sewer, water, drainage systems, roads, and telecommunications and broadband to expedite the building of transit-oriented development, and may include guaranteed loans as designated in subsection (d).  Permitted uses of the funds may include planning, design, land acquisition, costs of options, agreements of sale, or other related services or activities that may be provided in rules adopted by the department pursuant to chapter 91.

     (d)  The department may guarantee loans made by lenders authorized to do business in the State to developers for the purpose of developing and implementing transit-oriented development projects that include housing if the following conditions are met:

     (1)  The transit-oriented development projects are located to areas as defined in (f);

     (2)  The lender has completed its due diligence in approving the loan, including ensuring adequate collateral;

     (3)  The lender must comply with all conditions as determined by the department, which shall include the following conditions:

          (i)  For any loan that finances operating costs, the maximum term of the loan shall be ten years;

          (ii) For any loan that finances capital improvement costs, the maximum term of the loan shall be twenty years;

          (iii) The total principal amount of the guaranteed portion of all loans outstanding at any time shall not exceed $8,500,000;

     (4)  The department may impose additional conditions that the executive director deems reasonable to implement the loan guaranty;

     (5)  The department may adopt rules pursuant to chapter 91 to implement this section.

     (e)  The department shall submit annual reports to the legislature no later than twenty days prior to the convening of each regular session describing the projects funded and its efforts to achieve transit-oriented development.

     (f)  For purposes of this section, "transit-oriented development" means any development on one or more contiguous parcels of land within one-half mile of a rail transit station."

     SECTION 3.  New statutory material is underscored.   SECTION 4.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Transit-Oriented Development; Revolving Fund.

 

Description:

Creates the transit-oriented development revolving fund for public-private partnerships to incentivize construction one-half mile from a transit station. Zero-interest loan, guarantee available. Effective July 1, 2015.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.