(BIVN) – A bill that supporters say is the key to revitalizing Banyan Drive and Kanoelehua Industrial Area was signed into law at a ceremony held in Hilo on a rainy Friday afternoon.

Elected officials and East Hawaii business leaders applauded as Governor David Ige signed Senate Bill 3058 outside HPM Building Supply. According to the description of the bill, the bill:

Defines the Hilo community economic district. Authorizes BLNR to extend or modify the terms of certain public land leases within the economic district upon approval by BLNR of a lessee’s development agreement to make substantial improvements to or construct new improvements on the land as long as the length of any extension granted does not extend the original lease term by more than 40 years. Establishes conditions for BLNR to approve any extension of the fixed rental period of term of certain public land leases in the economic district. Establishes causes of economic hardship for which BLNR may modify or eliminate any of the existing statutory restrictions on public land leases in the economic district, extend or modify the fixed rental period of these leases, or extend the term of these leases and amends the conditions for BLNR’s approval of any such modification, elimination, or extension. Establishes a separate request for interest process to public lands in the economic district. Requires qualified bidders to deposit an amount equal to one per cent of the value of the leasehold improvements. (CD 1)

Hilo State Senator Kai Kahele, who spoke from the podium during the event, has been pushing for the bill since he took office. Other speakers at Friday’s signing included State Rep. Chris Todd, Senate President Ron Kouchi, HPM CEO Mike Fujimoto, and the governor.