The senate money committee may have come up with a way to fund the agreement to protect Kawela Bay from development.
The proposed deal would require the state to come up with $40 million to secure the conservation easement of the north shore property.
Under this latest plan, the state would restructure the debt service on the Hawaii Convention Center and turn around and float the needed $40 million in bonds for the Turtle Bay deal.
"What's been holding up the budget is we have limited resources in the CIP, so do we sacrifice a school, a classroom or a building at the university? It's very difficult and for $40 million you could build one and a half elementary schools," said State Senate Ways and Means Chair David Ige.
The proposal still needs approval of the House Finance committee, but Ige says it was up to the senate to come up with a plan that would not mean additional fees or taxes.