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Bank of Hilo was seized by the bank and in nineteen eleven (1911)was sold to the Honolulu Iron Works. In nineteen twelve(1912), reconstruction of the cannery began. In nineteen(1913)the foundry began operation, and the new Hilo Iron Works was in full operation. It would be known as the Hilo Iron Works for the next seventy(70)plus years. The foundry was used to cast things such as sugar mill components and specialty equipment but declining demand for these castings and growing demand for steel fabrication led to the closing of the foundry in nineteen fifty-eight (1958). In a joint operation by Theo H. Davies and C. Brewer sugar plantations the Hilo Iron Works was purchased from Ward Foods Inc. in nineteen seventy-four(1974) in order that it would not close, ensuring the fabrication of the needed components and equipment. During nineteen eighty-two (1982) the sugar plantations on the islandof Hawai`i suffered large loses and business fell off at the Iron Works. In nineteen eighth three(1983) the Hilo Iron Works went out of business. The current owners purchased the property inthe early nineteen eighties (1980's). We are requesting a Change of Zone from Open tovindustrial C_ommercial Mixed Use—20,000 square feet (MCX-20) for the 3.29 acres of land. This in order to accommodate.the minimum lot sizes that we have agreed to consolidate and re-subdivideihese 7 parcels into-4 separate parcels. Part of the reason I talked about thel istory of the site was to give you an idea of what was going on prior to the tsunami that hitNHilo-in nineteen forty-six (1946) and nineteen sixty (1960). After the 1960 tsunami hit Hilo, the_Iron Works_property fel-=under the Hawai`i Redevelopment Agency and the Amended Renewal Plan ofnineteen sixty-five (1965). The Hilo Iron 'Works property fell into the.boundaries defined-a-§77?. Open Areas"which were the low elevation areas in closerproximity to the ocean The_Hilo Iron Works property was permitted to have "Limited_Tndustrial"use within theOpen`area -All uses were intended as interim uses for a term of thirty five (35) years, or until such time that°adequate control measures could be implemented to mitigate the effects of future tsunamis. The 35 years term has expired and so the permitted uses has reverted back to uses allowed-within the Open zoning district. This has created avery unique situation for the Hilo Iron Works site. The site which has a majority of its improvements stillintact, that has survived two (2) tsunami's and has a history of mixed industrial and commercial eo-nimerciaT±tse has had a zoning applied to it which has taken away from its highest and best use. T bring up the highest and best use as it is crucial to the valuation of the property. Opinions of value-are based on use. The highest and best use of a property provides the foundation for a thorough investigation of the competitive position of the property in the minds of market participants. It can be best described as the foundation on which market value rests. One of the four tests of highest and best uses is whether it is legally permissible. Due to the open zoning, the current uses on the Hilo Iron Works site is non-conforming. The non-conforming use has created the following issues. The non-conforming use needs to be approved by the Planning Director. This discretion creates uncertainty as the Planning Director is in an appointed 4 EXHIBIT B (DRAFT).