Deal to preserve 665 acres at Turtle Bay has money problems - Hawaii News Now - KGMB and KHNL

Deal to preserve 665 acres at Turtle Bay has money problems

HONOLULU (AP) - A deal to preserve more than 665 acres from development in the Turtle Bay area of Oahu hangs in the balance.

The $48.5 million deal was announced at the end of last year's legislative session.

The state had planned to issue revenue bonds to cover its $40 million share. But it was unclear to the budget and finance department that the bonds would have to be issued by June 30.

Deputy Director Rod Becker of the Department of Budget and Finance says there isn't enough time to issue the bonds by the deadline.

Lawmakers are trying to solve the problem by giving the state more time to issue the bonds. A House committee passed SB 284 Wednesday.

Some are concerned the deal may fall through if a solution isn't found quickly.

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