Gov. David Ige signed a bill Monday to revitalize the Aloha Stadium area and provide funding for construction of a new stadium. H.B. 1586, now Act 268, allows the Hawaii Community Development Authority to upgrade state-owned property under the stadium authority’s jurisdiction and designates the area around the sports center as the Stadium Development District.

The new law allocates $20 million in general funds to improve the dstrict for public use. It also approves issuance of up to $180 million in revenue bonds and $150 million in general obligation bonds to build a new stadium.

Aloha Stadium, officially opened in 1975, currently seats 50,000 people for concerts, sporting events, and other uses. The stadium is also the site of the Aloha Stadium Swap Meet and location of University of Hawaii football team games.

State Rep. Aaron Ling Johanson, who represents the Aiea and Moanalua area, said enhancements to the Stadium Development District will include recreational, educational, and commercial improvements.

“The development of additional community on the stadium parcel will help to link existing neighborhoods and communities, the Pearl Harbor Historic sites, and the rail in a more seamless and natural way,” said Johanson, in a statement. “This day is about a renaissance of our Aiea-Stadium community.”