[§211F-2] Establishment of Hawaii strategic development corporation; purpose. (a) There is established the Hawaii strategic development corporation, which shall be a public body corporate and politic and an instrumentality and agency of the State. The corporation shall be placed within the department of business, economic development, and tourism for administrative purposes only.
(b) The purpose of this corporation shall be to encourage economic development and diversification in Hawaii through innovative actions in cooperation with private enterprises. The corporation shall establish programs to stimulate private capital investment in Hawaii toward investments that promote the welfare of citizens in this State, economic growth, employment, and economic diversification. The corporation may use public funds to provide incentives to private investment activity, by co- investing public funds in private financial organizations to increase the impact of the public investment while utilizing the investment acumen of the private sector, and by using public funds to reduce the risks of private investments. The corporation shall have the flexibility to provide various types of financial assistance. When providing financial assistance, the corporation shall make provision for the recovery of its expenditures, as far as possible. [L 1990, c 110, pt of §3]
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