HONOLULU, Hawaii (HawaiiNewsNow) – Governor David Ige signed into law Monday a bill that kicks off the process of redeveloping the 44-year-old Aloha Stadium into a mixed-use sports and entertainment district.
“The most momentous thing that we’re doing is we’re actually building community,” said State Rep. Aaron Johnason, who represents the area. “There’s going to be a renaissance and a revitalization of many of the areas that have borne our public infrastructure the likes of which we haven’t seen in decades.”
Act 268 appropriates $350 million for the new Stadium Development District.
The state will issue $180 million in reimbursable revenue bonds, $150 million in general obligation bonds, and $20 million in general funds.
The state will request bids from potential developers who will lease the land from the state.
“Funding (the project) purely with state funds is not feasible,” said Gov. David Ige. “A public private partnership, a combination of various funding streams, is fundamentally important for us to be successful.”