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State sells $201M in harbors bonds

The state Department of Transportation has sold $201 million of Harbors System Revenue Bonds.

State officials said Thursday that most of the money will be used to pay for various capital projects for the state’s Harbors Modernization Plan.

About $39 million will go to refinance existing bonds for debt service savings of more than $2.5 million, officials said.

The $164 million new money bonds are tax-exempt under the American Recovery and Reinvestment Act.

Officials say while the bonds typically need to be sold subject to alternative minimum tax, the act provides an exemption that is scheduled to end this year.

They say the timing of the bond sale helped the Harbors Divisions realize about $24 million in savings.

 

Kauai utility receives loan guarantee

The Kauai Island Utility Cooperative has received a $110 million loan guarantee from the U.S. Department of Agriculture.

Hawaii U.S. Sens. Daniel Inouye and Daniel Akaka said Thursday that the loan guarantee will be used to expand renewable energy initiatives.

The guarantee includes nearly $73 million for hydroelectric plant improvements and a 10-megawatt naphtha/biodiesel fueled combustion turbine.

Inouye said the loans will help Kauai further harness the power of water and biofuel as part of the effort to lessen Kauai County’s dependence on imported fossil fuels.

Akaka said the home-grown energy sources keep dollars in Hawaii while reducing air, land and water pollution.

 

Title Guaranty opens new branch

A new branch of Title Guaranty of Hawaii Inc. has opened at Pearlridge Center, at 98-167 Kaonohi St. near Bed Bath & Beyond, headed by branch manager Sherrie Kimata.

The escrow company’s new branch brings the number of its Hawaii offices to 19.

Title Guaranty President David Pietsch Jr. noted the "sheer volume of transactions" in West Oahu for the expansion. "We see the market gaining traction as positive economic reports provide consumer confidence to purchase homes," and cited activity in the refinancing, short-sale and foreclosure markets as well.

 

N.J. firm gets Maui hotel contract

New Jersey-based Hill International, in association with Hawaii-based Kobayashi Group, has been awarded the development and project management services contract for the Andaz Wailea Resort and Residences project on Maui. The two-year agreement is valued at about $3.5 million.

Redevelopment of the former Renaissance Wailea hotel to Hyatt Hotels Corp.’s Andaz boutique brand was announced last month. The opening of the hotel, a joint venture between Hyatt and Starwood Capital Group, is expected in the fourth quarter of 2012.

"We look forward to helping Hyatt and Starwood Capital develop the Andaz Wailea into an outstanding world-class resort property," said David Richter, Hill president and chief operating officer.

 

On the Move

» Bright Light Marketing has promoted Huy Vo to senior account executive from account executive. He joined the firm in 2007 as an account coordinator and has 10 years of experience in writing and editing for print and online media.

» Mobi PCS has promoted the following:
Yaman Ayad is retail store manager for Mobi PCS in Windward City Shopping Center.
Clementine Gebauer is retail store manager for South King Street and Downtown/Fort Street Mall.
Jennifer Webber is retail store manager for the Kapahulu Avenue location.

» Alston Hunt Floyd & Ing has named Tyler P. McNish as an associate. He has been a summer associate at Sullivan & Cromwell in New York, legal intern for Telecom Development Co. of Afghanistan in Kabul and Peace Corps volunteer in Guatemala.

» Access Information Management has announced the election of Rob Alston, president of operations and business development, to the Professional Records and Information Services Management (PRISM) board of directors.

 

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