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position that changes of over time. The time it takes for a non-conforming use approval is substantial and is a deterrent for applicants. The impact on demand for leased space at the Hilo Iron Works site also impacts the lease rates, the lower the demand the lower the price. Non- conforming use also impacts the ability for the landowners and tenants to obtain financing. Lenders view non-conforming use a high-risk property. Risk also affects the cost of financing and so even if it is available, it will be at a higher then typical rate. Financing affects not only the ability to refinance but the ability to sell the property. Available financing increases the pool of buyers and impacts demand. Limited to no financing lowers the demand which in turn adversely affects the price of the property. The impact can be seen in the incomplete revitalization of the site Portions of the site need repair but without the ability to finance, the ability to attract attradEthe best tenants for the site it creates an economic hardship for the landowners. We, therefore, respectfully request approval of the_Change of Zone=to VICX-20. The goal is not to make any changes to the use or improvements an the property at thesent time. The goal is to go from non-conforming use to a legal conforming use. The Change zfZone request is in line with the General Plan designation, I want to point-outthat in the_two thousand five (2005) General Plan the Hilo Iron Works is specifically stated as appropriate for industrial-commercial zoning and uses. The Change of confirm to-tre7v011s, policies,and standards of the. land use and economic elements of the Genera_Plan, it will_confirm to the Land Use Pattern Allocation Guide Map (LUPAG). I will conclude by reiteratingthe„following-comment from the Planning Department. The Change of Zone will-tffifilementithe existing land-uses at the project site as well as the future development plans for Banyan Drive and Hilo urban areas. Approval of the Change of Zone request would result in ariTiappropria0 land use pattern that will further the public necessity and convenience and the general=welfare Mahalo for your time and consideration on this matter. REPLOGLE: Thank you Garth Fellow Commissioners or is there anymore from the other applicants to add to Garth'sstatement` V. YAMANAKA: Raised his hand. I'mVern. REPLOGLE: Okay Vern. V. YAMANAKA: You know_�Garth summed it up very well and the only thing I would say as getting involved with the property from the very beginning. We always saw the property as sort of the gateway to Downtown Hilo and the Hilo Development Agency saw it from the same perspective. As the property had fallen”—", I don't know if you can remember to back to 1983 there were over a hundred (100)jobs that were generated prior to that time when Hilo Iron Works was under full production. Part of our goal was to see how we could bring back a lot of the jobs because obviously economically we were suffering in those days and through that process from basically virtually zero jobs we've eventually today brought it back to almost 100 jobs. We've made substantial improvements to the property and if you remember what it looked like in eighty-three (83) I think we've gone to some extent to make the property much more 5 EXHIBIT B (DRAFT)