COM 0595.000 2020-2022 - Laserfiche WebLink

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Foundation with a share of the gross sales value from the initial sales of timeshare units in "Area B" as they are realized. These donations are estimated to generate $40 million to $50 million in additional endowment funds in 2020 dollars for the Waikoloa Foundation over an approximately 15-year period(between 2027 and 2042). 8. Affordable Housing: The affordable housing commitments were satisfied by a donation of 300 net acres of land to the County in Waikoloa Village to develop the Kamakoa Workforce Housing development. However, in recognition of the demand for more affordable workforce rental housing in West Hawai`i,the applicant believes the development of the Kumu Hou project would enhance the financial feasibility of addressing this demand. In anticipation,the applicant has identified a 19.675-acre site south of the Queens' Marketplace that could be suitable for affordable workforce rental housing and has signed a letter of intent with Stanford Carr Development, LLC to explore the development of a 142-unit affordable workforce housing development (Planning Department Exhibit 4—Letter from applicant to the Planning Director dated October 11, 2021, summarizing a meeting on the proposed workforce housing project and including a January 7,2021 signed Letter of Intent). According to the applicant, if undertaken, this would be the first affordable housing developed within a major resort in West Hawai`i and while the 142 units are factored into the overall residential unit count for the resort,this initiative is considered complementary to, but not directly part of,the Kumu Hou master plan. 9. Sustainability Actions: The applicants have included a document entitled, "Proposed Sustainability Actions and Guidelines for Kumu Hou at Waikoloa" by PBR Hawaii dated May 2021 (see Appendix 13 of the application), outlining the applicant's commitments to promoting environmental stewardship through proposed design principles and best management practices (BMP). The document is organized into conceptual elements of water, natural beauty and culture, and energy and the built environment, which address measures to be adopted in the design, construction, and operations phases of the Kumu Hou project. It should be noted that this document can be expected to be amended over time to respond to evolving climate and other environmental changes, technological advances, societal standards, etc. -7-