12-20-2006, 02:32 AM
Important disclosure is that, at least for commercial/industrial/resort leases the State sets a maximum time for the lease (45 years with possible 10 year extension). At the end of that time the next lease must be awarded as a result of a public auction. Any structures on the property become the property of the State at the end of the lease period. When entering into such a lease it is important to know the State's "end game." (As the businesses in the Hilo Industrial area are now finding out).