HomeMy WebLinkAboutREP FC 146 03/24/1986 1984-1988 REPORT OF THE
COMMITTEE ON FINANCE
Date: March 24 , 1986 Re: 'Comm. 475
Place: Councilroom
Time: 9 :00 a . m .
Chairman and Members
Hawaii County Council
Hilo , Hawaii 96720
Your Committee on Finance, to which was referred Bill 152, reports as
follows:
The purpose of Bill 152 is to amend the County Code, Chapter 19 , by
adding a new article .
The new article establishes a Downtown Hilo Tax Increment District,
pursuant to Chapter 46, Part VI, Hawaii Revised Statutes . The
purpose of the Tax Increment District is to assist the County in
generating funds to carry out projects approved as part of the
Downtown Hilo Redevelopment Plan as administered by the Hawaii
Redevelopment Agency .
Your Committee has made technical amendments to Bill 152 by
(1 ) deleting references to an "Article 13" in Section 1 ; ( 2 ) changing
the reference of new "part" to new "article" ; and (3) inserting a
title, "Article 13. Downtown Hilo Tax Increment District . "
As part of its definition on "Tax Increment Financing Plan" ,
Section 46-102, Hawaii Revised Statutes , requires the inclusion of
specific estimates , one of which is a statement from the County's
Department of Finance regarding financial and budgetary impacts on
the County resulting from the proposed tax increment financing plan .
Your Committee was made aware by the Director of Finance that he has
not completed the statements as of this date . Your Committee has
requested that he submit his statements in compliance with
Section 46-102 and that his statements be submitted prior to the
approval of any tax increment financing plan .
Your Committee also expressed its concerns regarding the commitment
by the private sector to carry on the redevelopment efforts of
Downtown Hilo . Your Committee is very much concerned because of the
financial commitments being contemplated . Mr . Lawrence Capellas ,
Hawaii Redevelopment Agency Manager , has been requested to submit a
report of the private sectors ' commitment .
FC REPORT No . 146
ADOPTED: APR 9 1986
S
FC-146 Page 2 March 24 , 1986
Your Committee on Finance concurs with the intent of Bill 152,
Draft 2, and recommends that it pass first reading and be referred
back to Committee .
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FRANK DE' LUZ III, CHAIRMAN
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ORR°A,�INE' Rs/JITCHAKU 'INOU. E, V.C. JA L. K. DAHLBERG, MEMBER
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TAKASHI DOMINGO, MEMB ' iU SELL S. KOKUBUN, MEMBER
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MERLE . LAI, MEMBER SP ER K. SCHUTTE, MEMBER
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