HB 363-AIDEA MEMBERSHIP  5:03:52 PM CHAIR PASKVAN announced HB 363 to be up for consideration. [Before the committee was CSHB 363(FIN), version P]. 5:04:00 PM ROB EARL, staff to Representative Bob Herron, Erin Harrington, staff to Representative Alan Austerman, introduced themselves. 5:04:24 PM SENATOR MEYER joined the committee. MR. EARL said that the Alaska Industrial Development and Export Authority (AIDEA) is a public development finance corporation whose mission is to promote economic growth in Alaska by providing various means of financing an investment. If fulfills this mission by providing Alaskan businesses with long term financing options at a reasonable cost. Each year 25-50 percent of the return on its assets are redistributed back to the state general fund as a dividend; this year it was $23 million. He said the AIDEA board also serves as the Alaska Energy Authority (AEA) Board. Currently there are five members on the AIDEA Board: the commissioner of the Department of Revenue (DOR) and Department of Commerce, Community and Economic Development (DCCED). Those two commissioners are on it by statute. A third discretionary commissioner is appointed by the Governor and currently he is with the Department of Transportation and Public Facilities (DOTPF); two public members are also appointed by the Governor. This bill adds three more public members to the board expanding it from five to seven members. HB 363 also stipulates that public members must possess business and/or industry expertise and leadership skills. The reasons for expanding to a seven-member board are that it would give AIDEA more flexibility in forming subcommittees, which they have expressed a desire for, and increase the potential for more diverse experience in specialties on the board while also increasing the potential for broader geographic and industry representation. It will also allow for the general thrust of the bill, which is to create a preponderance of private sector input in AIDEA's governance. 5:06:49 PM MS. HARRINGTON added that this bill, like SCR 16, responds to a need that was identified through the course of the Interim to be more proactive about the state's resources for economic development and to bring more private sector oversight and guidance in to the way the state deploys its resources. CHAIR PASKVAN asked if they knew of any opposition. MR. EARL answered no; it passed the house with a vote of 40-0. 5:07:47 PM TED LEONARD, Executive Director, AIDEA, said they supported HB 363. Getting a quorum is sometimes a problem during legislative sessions and fishing seasons with a five-member board, he explained. They also support having more private sector input; it is necessary and important. He remarked that their commissioners have given them very good advice. 5:09:16 PM CHAIR PASKVAN, finding no further comments, closed public testimony. SENATOR MEYER moved to report HB 363 from committee with individual recommendations and attached fiscal note(s). There were no objections and it was so ordered. Therefore CSHB 363(FIN) moved from committee. 5:10:28 PM CHAIR PASKVAN announced an at ease from 5:10-5:11 p.m.