Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Stadium Development topic
No spam. Unsubscribe anytime.
Stadium Authority and preferred developer outline financing gap, set June 2025 target for contracts
Summary
The Stadium Authority and Aloha Halawa Development Partners updated Senate members on the Halawa stadium procurement. Officials said a June 2025 target remains for contract execution but identified major infrastructure and financing gaps that developers are still resolving.
The Stadium Authority and representatives of Aloha Halawa Development Partners told a joint Senate hearing that contract execution for the Halawa stadium and surrounding development remains targeted for June 2025, but several major financing and infrastructure questions remain.
Bridal Morioka, chair of the Stadium Authority, opened the committee exchange and asked the developer team for milestones and financing confidence. Developer representatives said they have been through a multi-year procurement process and are negotiating the project and financing documents during the current due‑diligence period.
The development team reported specific capital gaps and infrastructure needs. They said about $32,000,000 of utility and infrastructure relocation is necessary because the existing stadium layout must be reconfigured to support a mixed‑use district. They also cited roughly $147,000,000 in phase‑one infrastructure installation needed to serve the stadium and initial residential and commercial uses. The developers described an aspirational stadium scenario costing as much as $650,000,000; by contrast, the Legislature’s existing appropriation mentioned in the hearing is $350,000,000 for the stadium.
Developers and the Stadium Authority described financing options they are studying, including tax increment financing, community facilities district (CFD) bonds, and leveraging revenue generated by surrounding development to service bonds. One developer said the team needs more detailed project agreements and refined drawings to present underwriting models to bond counsel and credit underwriters.
Senators pressed for clarity. Senator Kim asked whether the developer’s financial plan would cover only the stadium or the entire district; the developer said the analysis must look at the district as a whole because some infrastructure and revenues are interdependent. Senators also asked about demolition timing for the existing stadium, permitting and environmental work; the Authority said a programmatic environmental impact statement and master plan already exist and that demolition planning and permits are underway, but formal agreements between the state and developer were still in negotiation.
The committee deferred further action on the item to allow additional information and potential private funding terms to be clarified; the item was scheduled for continued consideration at the committee’s next meeting. The developers said they continue to target contract execution by June 2025 but cautioned that several commercial agreements, detailed drawings and underwriting steps remain before financing can be finalized.
Ending: The record shows the project remains in negotiation with a June 2025 target for contract signings; committee members asked the Stadium Authority and developers for more concrete financing plans and documentation before the next hearing.
