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has caused long-term financial challenges for the resort and analyses indicate that the resort's current and long-term future demands could be supported with 27 golf holes at the resort(18 holes in the makai Beach Course and a reconfiguration of nine (9)holes in the King's Course). Based on the preceding,the applicant has created a master plan in order to develop the Kumu Hou project area as described above. Instead of amending SMA 25 to include the Kumu Hou project, the applicant has chosen to amend SMA 25 to remove these areas and apply for three (3)new SMA permits to cover development and operations of the Kumu Hou project area. According to the applicant, the new SMA Use Permits would allow the development of the proposed new facilities and amenities, and to upgrade, repair, maintain, and operate existing or future facilities in the Kumu Hou project area. Furthermore,the new SMA Use Permits will support separate governance structures and conditions that will be relevant to differing development plans and ownership anticipated for each of the three (3) areas to be undertaken over an extended period of time. The change of zone applications are necessary for implementation of the Kumu Hou Master Plan. Finally, since the Resort is situated within the SMA, the Kumu Hou Master Plan has been designed in compliance with the objectives and policies in Chapter 205A, Hawai`i Revised Statutes (HRS),the SMA Guidelines set forth in Section 205A-26, HRS, and the objectives and policies in Rule 9, SMA, and County of Hawai`i Planning Commission Rules of Practice and Procedure. 4. Timeframe and Cost: The applicant anticipates that the project will be completed in three phases. According to the included Traffic Impact Report (TIR),the first phase (Phase I) would commence in 2025 with the anticipated construction of 301 timeshare units (151 in "Area A" and 150 in "Area B") and development of 25 single-family lots, with the first timeshare units ready for occupancy in 2027. Phase II would commence in 2030 and include an additional 376 timeshare units (113 in "Area A" and 263 in "Area B") and Phase III commencing in 2036 with complete buildout of the final 487 timeshare units in "Area B" anticipated by 2042. However,the applicant notes that these timeframes are conceptual and for modeling purposes, and that actual implementation of the master plan will be dependent on a myriad of factors (e.g., economic, market, finance, community, environmental, etc.)that will manifest over time. The estimated cost of the Kumu Hou project is$1.2 billion dollars. -5-