The Legislature’s funding of $350 million to private developers to build a new Aloha Stadium will not be forfeited back to the state because a contract with preferred offeror Aloha Halawa Development Partners will not be signed by Monday, officials said at Thursday’s monthly Stadium Authority meeting.
Stakeholders were assured at the meeting that the state funding for the stadium project by the Legislature would not be lost despite the lack of a signed contract by what was also previously the deadline for the money to be used.
The original deadline for the funds to be used was extended a year to June 30, 2026, by state comptroller Keith Regan on Jan. 30, according to incoming Stadium Authority chair Eric Fujimoto and state special projects manager Chris Kinimaka.
State lawmakers voted for the funding in 2022.
The New Aloha Stadium Entertainment District is the state entity representing a private-public partnership that plans to rebuild the stadium and develop the surrounding area in Halawa that totals 98 acres. NASED announced Tuesday that it would not meet its self- imposed deadline of a signed contract with AHDP by Monday. It set a new deadline of mid-August for pen to meet paper.
It was also announced that this would not affect the planned start of stadium demolition by the end of August, or the target of the 2028 football season for completion of the new stadium.
NASED program director David Harris said that major negotiation points that have been worked on since last November have been agreed upon.
“(Regan) wouldn’t have extended (the deadline) if those big rocks weren’t off our back,” Stadium Authority board member Andrew Pereira said. “The reason the comptroller agreed to the one-year extension was because he knew we are at the 10-yard line (to the goal of a signed contract.)”
Agreement on four major documents must be finalized before the contract is signed. They are a stadium construction and operating agreement, a plan for the master development of the entire site surrounding the stadium, a ground lease, and an agreement on shared infrastructure costs.
“All have to be carefully linked to each other,” Harris said.
AHDP leader Stanford Carr and state officials said Tuesday they are working together to finalize the details.
Stadium Authority board members and other officials spoke Thursday of how diligence and patience now could prevent potentially huge problems after the contract is signed.
The NASED plan calls for at least 4,000 housing units among other real estate — like restaurants, shops and a hotel. Electricity, sewers and other utilities must be coordinated for all of the various construction.
“Infrastructure controls it all,” Stadium Authority board member Walter Thoemmes said.
It was also announced Thursday that delays in the Aloha Stadium Swap Meet’s move from one part of the parking lot to another will not affect the swap meet’s continuity. The move is being made to accommodate the stadium reconstruction.
Source: The Garden Island