§206-8  Development of lands acquired. 
Where lands are acquired by the board of land and natural resources with its
own funds, it shall subdivide and develop the lands into residence lots, or
dwellings and lots in a manner best designed to carry out the purposes of this
chapter.



The board may contract with any private
developer to provide for the financing of the acquisition of lands, the
subdivision and development of acquired lands, and the disposition of residence
lots, or the construction of dwellings on the lots and the disposition of
both.  The contracts may be entered into after published advertisement for
sealed tenders, setting forth the terms of the proposed contract, including
necessary plans, specifications, and time schedules.  The contract shall
provide for the establishment of such sale prices of the residence lots, or
dwellings and lots as will repay to the developer the amount of the actual cost
or expense incurred in the acquisition and development of the land together
with a reasonable developer's profit computed thereon as determined by the
board.  The contract shall also provide for the sale of residence lots, or
dwellings and lots only to persons entitled to purchase from the board, upon
the terms and conditions provided in sections 206-9 to 206-12 with respect to
sales by the board.  Every contract shall be made with the responsible bidder
whose proposal complies with the requirements of the call for tenders and
states the lowest rate of developer's profits; provided that the board may
reject all tenders if it deems that the lowest rate of developer's profit is
unreasonable.  Publication of the call for tenders shall be made by publishing
a call for tenders not less than three times in a newspaper of general
circulation printed and published within the State.  No more than one of these
publications shall be made on any one day or on two consecutive days.  The time
for opening of the tenders shall be not less than thirty days after the last
publication. [L 1961, c 6, §9; am L 1965, c 157, §3; Supp, §98J-9; HRS §206-8;
am L Sp 1993, c 8, §18]