POSTED: 2:07 p.m. HST, May 19, 2014
Gov. Neil Abercrombie signed a bill Monday to preserve 665 acres of Turtle Bay Resort from future development through an easement costing the state $40 million.
Act 81 authorizes the Hawaii Tourism Authority to issue $40 million in revenue bonds to pay the owner of the resort for the easement that prohibits development and ensures public assess to a network of trails in perpetuity.
The city is chipping in $5 million, while The Trust for Public Land is raising $3.5 million to pay for the $48.5 million easement.
The act takes effect July 1, though the state still needs to arrange the bond financing, negotiate detailed terms of the easement and other work before the purchase is made. No timetable for the purchase is being estimated by the state.