That's the deal Ko Olina Resort & Marina master developer Jeff Stone hopes will persuade Gov. Ben Cayetano to reverse his stated inclination to veto a controversial tax-credit bill passed by the Legislature earlier this month.

Stone said he has signed agreements with Hilton Hotels Corp., to co-develop a 340-room hotel, and Canadian firm Intrawest Corp., to co-develop a more than 200-room vacation club condominium, commercial village and expanded marina.

A third company, Florida-based development and planning firm EDSA has agreed to build the tax-credit-financed aquarium and marine center.

All three components would be developed over 10 years on land at Ko Olina owned by the Harry & Jeanette Weinberg Foundation, which would also help finance the project, according to Stone.

But the development commitments are contingent on Cayetano allowing Senate Bill 2907 to become law.

Cayetano has previously said that he is inclined to veto the bill, but would give Stone an opportunity to personally make his case.

Stone and officials from Hilton, Intrawest, EDSA and the Weinberg Foundation met with the governor today to convince Cayetano that the bill is in the public's interest.

Cayetano said he will not make a decision on the issue today.

The governor has until June 24 to decide whether to veto the bill.

The state Tax Department has argued against the bill, saying the bill favors a handful of private developers, and that others may ask for tax breaks to help improve or create competing resort destinations.

Stone said the state has an interest in improving Hawai'i's economic recovery by helping create thousands of jobs and potentially millions of dollars in state revenue that he said would not be created without the tax incentive.

"These groups would never come without a world-class attraction," he said. "There's no way I could get Hilton and Intrawest to come without an attraction. Waikiki has zoos. Waikiki has the convention center. Waikiki has state parks."

Ko Olina is a largely undeveloped 650-acre property. The resort was envisioned by developer Herbert Horita in the late 1980s as a $3 billion self-contained resort/residential community, but the grandiose project stalled in the early '90s.

In 1998, Ko Olina Co., headed by Stone, stepped in and acquired much of the property. Alone or with partners, Stone's company bought the J.W. Marriott Ihilani Resort & Spa hotel and golf course.

He also attracted other investors – including Marriott International, Alexander & Baldwin and Brookfield Homes ­ that are building homes and vacation units at Ko Olina.

Stone said that if the tax-credit bill is approved, construction on the proposed "marina village" could start as early as the first quarter of next year. "We're ready to go," he said.

The proposal calls for construction in two phases over 10 years. The first five-year phase would include the aquarium, marine science center, half the commercial village and portions of the Hilton hotel and Intrawest vacation club units.

The marina expansion and remainder of the commercial village and vacation units would be built in the second phase.

Stone estimated the cost of phase one at $300 million, which would include $75 million in tax credits payable over 10 years to cover 100 percent of the aquarium and marine center.

Phase two improvements are estimated at another $400 million.