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} <br /> PROPOSED CONDITIONS <br /> Bill No. 115 <br /> WAIKOLOA FOUNDATION <br /> New Condition: As represented by the applicant, prior to submitting <br /> a <br /> any development for Plan Approval on the project district zoning land <br /> covered by Ordinance 115, the Applicant shall record a covenant at <br /> the State of Hawaii Bureau of Conveyances which shall run with the <br /> land, and require that from the gross sales proceeds derived from the <br /> first-time sale of any residential unit or time share interest on the <br /> land, 2 percent of such proceeds shall be donated to the Waikoloa <br /> Foundation, of which approximately one fourth or 25 percent of such <br /> proceeds shall be budgeted for donation to an agency or program to <br /> support the County's affordable housing and/or destination <br /> management initiatives, and approximately one fourth or 25 percent <br /> of such proceeds shall be budgeted to directly or indirectly support <br /> potable water or other related needs associated with housing <br /> programs for native Hawaiians within the South Kohala District. A <br /> report of the funds generated and the Foundation's allocations and <br /> expenditures, shall be included as part of the Annual Progress Report <br /> requirement of Condition DD. <br /> 4 <br />