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■ Condition H (Modify Requirement for Location of Spine Road within Project Site) <br />■ Condition I (Modify Required Location of Kuakini Highway Intersection) <br />■ Condition U (Delete Requirement of Providing a 5 -acre School Site and <br />Improvements) <br />■ Condition V (Delete Reference to Fair Share In -Lieu Credit for School Site and <br />Improvements) <br />■ Condition X (Modify Affordable Housing Requirement and Change Housing <br />Program Approving Authority) <br />■ Condition Z (Modify Condition to Allow Administrative Time Extension) <br />2. Applicant's Reasons for the Requests: The time extension and condition amendments are <br />being sought due to the applicant's costs of required infrastructure improvements. The <br />applicant states that they cannot commit to the target rental level as represented in 2005, <br />particularly due to the heavy on -and off-site infrastructure costs. Additionally, due to the <br />global economic meltdown that occurred over a decade ago, the applicant believes that <br />securing the required financing to initiate and complete the project was too difficult to <br />complete and thus decided to prioritize exploring alternative uses of the property, and <br />exploring sources for construction financing. The applicant believes that the current <br />economic outlook is amenable, however time is still needed for the applicant to address the <br />various conditions of approval, to incorporate and finalize plans, and to secure the required <br />financing. <br />3. Current Proposed Plan: The applicant originally proposed to develop a 250 -unit market <br />rental housing project which included 250 -units housed in twenty-four (24) two- and three- <br />story structures. Also proposed were over 3 00 parking spaces for residents and guests, along <br />with a 1+ -acre park. The applicant's new development proposal for the property reduces the <br />density of rental housing to 226 units and intends to develop open space and a passive <br />recreation area. <br />4. Supportive Information: The applicant has submitted the attached in support of the <br />request: (Planning Department Exhibit 1 - Application for Time Extension and <br />Amendments to Ordinance No. 05-113 dated November 12, 2019, Planning Department <br />-2- <br />