Congratulations to our client, Honokea, for securing $95 million in revenue bond authority from the State of Hawaii for the Honokea Surf Village. The bill was approved by the Legislature and signed into law into law in June, 2021. This bond bill authorizes State of Hawaii tax free revenue bond authority as a financing tool for the project. The bonds requires no capital from the State as this is private capital and poses no financial risk to taxpayers (the returns are guaranteed by the project). It demonstrates the State of Hawaii’s commitment to see this project happen from the highest level. The bill will help to create over 200+ local jobs, help the surf and film industries, support local retailers, promote Hawaiian culture, ocean safety, ohana, wellness, and environmental awareness. It’s a strong financial tool for the project and future improvements.
It was a pleasure to work with Honokea on the surf park feasibility study for this project and we offer our congratulations and best wishes on the development and continued future success!