Measure will fund a new stadium and provide economic development for the area– A bill to dramatically revitalize Aloha Stadium by rethinking its use, management and the experience being provided for residents and visitors alike was signed into law today by Gov. David Ige.
HB1586 HD1 SD2 CD1, now Act 268, establishes the Stadium Development District comprising all state land under the Stadium Authority's jurisdiction. The bill authorizes the Hawaii Community Development Authority (HCDA) to facilitate the development of all state property within the District. The bill appropriates $20 million in general funds to develop the district for public use and authorizes the issuance of up to $180 million in revenue bonds and $150 million in general obligation bonds to build a new stadium.
"This is a momentous day for our community and the State. The creation of the Stadium Development District will showcase an innovative model for more cost-effective public infrastructure through public-private partnerships, will create economic growth, and will literally help to build additional community in a region that has long born the cost of hosting much of Hawaii's public infrastructure," said Rep. Johanson. "The development of additional community on the stadium parcel will help to link existing neighborhoods and communities, the Pearl Harbor Historic sites, and the rail in a more seamless and natural way. This day is about a renaissance of our Aiea-Stadium community."