Hawaii Revised Statutes 107D-1 – Definitions
Terms Used In Hawaii Revised Statutes 107D-1
- Building lease: means a contract between the department and private investor in which the private investor conveys an improved facility to the department for a specified period of time. See Hawaii Revised Statutes 107D-1
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of accounting and general services. See Hawaii Revised Statutes 107D-1
- Facility: means property under the management and control of the department that may contain land, buildings, or both. See Hawaii Revised Statutes 107D-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Private investor: means a non-governmental entity. See Hawaii Revised Statutes 107D-1
As used in this chapter:
“Building lease” means a contract between the department and private investor in which the private investor conveys an improved facility to the department for a specified period of time.
“Department” means the department of accounting and general services.
“Development agreement” means an agreement between the State and a private investor which, at a minimum, includes:
(1) A description of the work to be done;
(2) The sale price for the facility;
(3) The duration of the agreement;
(4) The roles and responsibilities of the department and the private investor; and
(5) The terms and conditions for the ground lease and building lease.
“Facility” means property under the management and control of the department that may contain land, buildings, or both.
“Ground lease” means a lease of land executed between the State and private investor pursuant to which the private investor will renovate the existing facility, provide improvements, or construct a new building or buildings on a specified property.
“Private investor” means a non-governmental entity.