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Honorable Chair Kierkiewicz, Planning Committee February 28, 2022 Page 2 Since the February 22 meeting,there was a confluence of three (3) circumstances that inspired the applicant to really try to fmd ways to address the goal of providing more affordable housing. First was hearing the heartfelt comments of Chair David and Councilmember Villegas —as with so many public testifiers - stressing the need for and importance of affordable housing. Then,there was a discussion with Councilmember Kimball who suggested to us the importance of"thinking outside the box". Additionally,we heard and read about Councilmember Chung's proposed Bill 111 that earmarks a portion of the special tax on bury second homes for homeless programs and housing. Finally,we heard several public testifiers, as well as Chair David and Councilmembers Kimball,Villegas, Inaba and others, express concerns about changes brought about by tourism generally, especially when it intrudes into what were previously areas enjoyed mostly by locals With those concerns and suggestions in mind,the applicant is now proposing two (2) conditions that could help address affordable and/or workforce housing, as well as more County tools for tourism management. The first is an amendment to Condition Z that would,while still committing to a minimum of 140 units,not necessarily restrict its construction to only one parcel but to other areas within the Resort. The applicant did not want to have any on-site constraints, particularly archaeological or cultural,hamper its ability to deliver those units. The second condition is tied in with the Waikoloa Foundation. As you know, some Councilmembers wanted some sort of assurance that the representation of having a percentage of the sales of the timeshare go into the Waikoloa Foundation. This is being proposed as a new amendment. What is new and unique,however, is earmarking one-fourth(1/4)or 25%of the planned 2% of the funds to go directly to an agency or program the County so instructs or designates to support affordable housing and/or tourism management initiatives. The applicant projects that over time,the 2% allocation would generate in the neighborhood of$50 million;therefore 25%of that could result in$12.5 million in new funds to be provided to the County over time. These funds, at the direction of the Council,could help support tourism management initiatives and/or other affordable housing initiatives it chooses, including the development of the County's Kamakoa Nui workforce housing project on the 300 acres of land donated by the applicant a number of years ago. Comments about the project's impact on the Waimea Aquifer were raised not only by some members of the public but particularly Councilmembers Inaba and Kaneali'i-Kleinfelder. In a letter to the Council,the applicant's consulting hydro-geologist, Mr. Tom Nance of Tom Nance Water Resource Engineering wrote that"Kumu Hou could reduce its use of groundwater