Tax credits are meant as an inducement for business and development that will bring benefit to the community.

The credits issued to encourage the construction of a world-class aquarium at Ko Olina never went for that purpose, except for $3.45 million spent on some initial planning and design work.

But now developer Jeff Stone, who ultimately canceled plans for the aquarium, has proposed a way that those credits already claimed could help the Wai'anae Coast communities, after all.

Considering that Stone was within his rights to claim the $3.45 million in credits, this is a generous offer:

That claim will be relinquished, on the condition that the money go toward affordable rental housing for the coast.

Stone originally was authorized to use $75 million in credits for the aquarium project. Deciding how to spend the remaining credits would take careful planning and far more time than remains in the current legislative session.

That's why the more than $70 million in remaining credits should be repealed. But surely there's a way to apply $3.45 million to an existing plan — either a refurbishment of units already built or new construction.

The Legislature must take the opportunity, ensuring that the money goes to a dedicated fund.

Not only will the money yield additional housing, but it will enable construction work that is badly needed in a period of economic doldrums that Hawai'i now faces.

This one sounds like a good deal for the Leeward Coast and for the state as a whole, and it's one our lawmakers should be quick to snap up.