Reopening Kauai resort requires foreign cash - Hawaii News Now - KGMB and KHNL

Reopening Kauai resort requires foreign cash

Coco Palms Resort Coco Palms Resort

LIHUE, Hawaii (AP) - Those trying to rebuild a Kauai resort made famous by Elvis Presley and ravaged by a hurricane hope to rely on foreign money.

Coco Palms Hui, LLC Principal Tyler Greene says he's seeking federal approval to take advantage of a program that provides green cards to foreign nationals who stimulate economic growth by investing in new commercial enterprises.

The Garden Island reported Tuesday some county officials are worried about the prospect of using foreign loans to rebuild the Coco Palms Resort.

Councilwoman JoAnn Yukimura says she's concerned about commitment from investors who don't have a stake in the community.

Hurricane Iniki destroyed the resort in 1992. It's the only major hotel that never reopened after the storm.

Greene says it will cost about $125 million to rebuild.

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