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Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, May 11, 2000

HTA to fund 72 plans for niche tourism

The Hawaii Tourism Authority has agreed to spend $2.6 million this year to fund 72 projects aimed at stimulating tourism.

The HTA's "product development" request for proposals drew 180 entries, seeking a total of just under $11 million, but the HTA said it has only $3 million to spend on product development.

The projects are for marketing in such niche tourism fields as health-and-wellness, sports and environmental. The HTA also has a $30 million-plus annual budget for major tourism promotions.

One of the rules for this year's product development projects was that the proponents must be able to raise $2 elsewhere for every $1 paid by the state.

Long-delayed mall now has deadline

The U.S. Postal Service has given Honolulu developers until June 15 to prove they have financing plus adequate places to relocate postal operations in the long-promised development of the historic Downtown post office.

U.S. Postal Service spokeswoman Felice Broglio said today that if the deadline is not met, the building will go out for bid again.

USPO Redevelopment Corp., which plans to purchase the postal complex, has announced a series of startups and delays over the years in their plans to develop the Galleria Shopping Center.

USPO Redevelopment officials could not be reached for comment.

The Postal Service must see documents to prove developers have the $54 million financing in escrow that they said they had secured last December. The developers also have discussed two places where they would relocate postal services, but they must prove the areas meet Postal Service specifications.

Mortgage rates rise to 1995 levels

WASHINGTON -- Mortgages rates shot up this week with 30-year and 15-year mortgages hitting their highest levels since March 1995. The average interest rate on 30-year fixed-rate mortgages climbed to 8.52 percent this week from 8.28 percent last week, mortgage broker Freddie Mac said today. Fifteen-year mortgages also rose this week to 8.17 percent, up from 7.94 percent last week. One-year adjustable-rate mortgages averaged initial rate of 6.96 percent this week, up from 6.90 percent last week.

Seminar to address long-term care costs

A Honolulu group of insurers and financial advisers will conduct a seminar on long-term health care next Wednesday at the Ala Moana Hotel.

The seminar is for business owners, family members or anyone wanting to know more about the costs of long-term care, which the Honolulu Association of Insurance & Financial Advisors says is the largest unfunded insurance risk in the nation.

The 9 a.m.-to-11 a.m. seminar costs $30 a person and will feature Kevin Sypniewski, president of AssistGuide.com, a Honolulu Web site linking nursing homes and care givers with clients. For reservations and information call 395-0359.