Ko Olina Developer Foregoes $75 Million Tax Credit

Jeff Stone, developer of the master-planned Ko Olina Resort in West Oahu, says he is foregoing a previously authorized $75 million state tax credit. Stone and Ko Olina had received the credit, which was earmarked for the development of an upscale interactive aquarium to be built as part of Ko Olina. The credit, to be used over the span of 10 years, has not yet been drawn against. Stone says the aquarium components will still be developed, but as components throughout the resort.

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