WAILUKU, Hawaii – The Budget and Finance Committee, chaired by Councilmember Mike White, will meet on Tuesday, Sept. 30 at 9 a.m. to consider a budget amendment to approved grants to businesses selected under the Economic Development Revolving Fund program.
No legislative action will be taken at the meeting. Review the agenda.
The committee will review the administration’s five recommended projects:
1. HNu Photonics – $250,000
Project: Scorpio V- Stem Cell Optical Research Platform in Orbit
Funding would be used for infrastructure improvements and equipment acquisition to deploy technology on the International Space Station for the purpose of stem cell research.
2. Aumakua Holdings – $250,000
Project: Maui Brewing Company
Funding wwould be used to add equipment to company’s new facility in Kihei for three additional new lines of beverage for local consumption and for export.
3. Alpha, Inc. – $125,000
Project: National 1-32 Drill Rig
Funding wwould be used to purchase a drilling rig that would enable the company to drill deep wells.
4. Maui Innovation Group – $175,000
Project: Medical Care Management Software
Funding would be used for the final phase of development of the company’s medical care management software solution to better manage patients’ care and to comply with Affordable Care Act regulations.
5. Uptown Chevron – $200,000
Project: Da Car Wash Café
Funding would be used to renovate the company’s existing car wash facility into a restaurant.
These awards total $1 million and would be leveraged with matching funds from each company. More than $2 million in matching funds would be invested by the companies.
Officials from mayor’s Office of Economic Development, organizer of the program, project about 31 new jobs potentially created in Maui County from these projects.
The Economic Development Revolving Fund was created via Ordinance 3854 to support local businesses and grow the economy. This is the first opportunity for county grants to be provided to for-profit companies for business ventures.
Testimony may be emailed to email@example.com, referencing BF-125.
# # #