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FOR SIGNATURE .1(7 ,2021 (the"Effective Date") 12/21/20 Letter of Intent: Waikoloa Workforce Housing Project A portion of FP 2449 Lot A containing approximately 19.675 acres of land situated on the southern side of Waikoloa Beach Drive, Waikoloa Beach Resort, Waikoloa, Hawaii 96738. TMK(3)6-9-008-032 (portion). Currently Zoned RM 6.0(Maximum Density of 142 Multi-Family Units). Waikoloa Development Co.("WDC1 owns the land described above(the"Property"),and Stanford Carr Development, LLC or special purpose entity("SCD")wishes to develop an affordable housing project(the"Project")on the Property. This Letter of Intent outlines the terms of a Development Agreement between WDC and SCD(the "Development Agreement"). evelopment Agreement SCD will explore options to develop the Project under the current SMA for Waikoloa Beach Resort or the amended SMA currently being prepared for submittal by WDC to the County of I-Iawaii(the "County")to pursue a 20111-38 project for density bonuses, impact fee waivers and Lo« Income Housing Tax Credit(LIIITC)program financing. The Development Agreement will provide that SCD will develop the Project and that WDC will convey the Property and the associated access road,sidewalks, underground utilities,water and sewer facilities to the property line of the Property at a location mutually agreed by the parties, including their associated facility charges,connection fees,etc.,with sufficient capacity to support the Project(the "Infrastructure")),to SCD at WDC's sole cost,except for miscellaneous legal,closing and conveyance costs as provided below, upon WDC receiving irrevocable affordable housing credits(the"Credits") that SCD receives from the County pursuant to a 3-Party Affordable l Iousine Agreement(the "Affordable Housing Agreement")among SCD, WDC and the County's Office of Housing and Community Development(as described below), which Credits WDC can use,as it determines in its sole discretion, and as allowed by County statute, including but not limited to,satisfying WDC's affordable housing requirements for WDC's other projects on its other owned properties. The number of units(the Project Units)and the target clientele for the Project will be mutually agreed upon by SCI)and WDC prior to SCD entering into the Affordable Housing Agreement with the County. The target number of Project Units and resultant Credits shall be sufficient to satisfy the affordable housing Credit requirement for WDC's planned 925-unit development on its other owned lands(the"Other Project"). Any Credits that may be received from the County in excess of what is required for the Other Project shall also be transferred to WDC by SCD. SCD will seek to reach the Affordable I-lousing Agreement with WDC and the Hawaii County Office of I lousing and Community Development(01-ICD)that will provide that: a. WDC transfer the Property and Infrastructure to SCD in the manner andas agreed by the three parties in the Affordable Mousing Agreement. b. O1 ICD will agree to have SCI)assume the obligation for affordable housing development from WDC for the Other Project. c. SCD will develop the Property for affordable housing.