Hawaii SB621 amends public land lease regulations, requiring public auctions for lease renewals and defining lease terms.

Hawaii SB621 amends the state's public land lease regulations, specifically for commercial and industrial lands. The bill mandates that the board dispose of the land by public auction within three years before the lease termination date. It allows the current lessee to bid on a new lease at the auction, provided they comply with existing lease terms and have submitted a business plan. The new lease terms must establish rent at no less than the current or fair market rent, based on the land's appraised value.

Hawaii SB621 amends public land lease regulations, requiring public auctions for lease renewals and defining lease terms.

Hawaii SB621 amends the state's public land lease regulations, specifically for commercial and industrial lands. The bill mandates that the board dispose of the land by public auction within three years before the lease termination date. It allows the current lessee to bid on a new lease at the auction, provided they comply with existing lease terms and have submitted a business plan. The new lease terms must establish rent at no less than the current or fair market rent, based on the land's appraised value.