RES 472 Draft 01 2020-2022 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAAFI tfq•, Naµ0'Iip 'SPE O•F•N,,N SOLUTION NO. 472 22 A RESOLUTION AMENDING RESOLUTION NO. 476-18,REGARDING THE AUTHORIZATION OF THE DIRECTOR OF FINANCE TO NEGOTIATE A SEVENTY-FIVE YEAR LEASE WITH THE HAWAII ISLAND COMMUNITY DEVELOPMENT CORPORATION FOR THE PURPOSE OF DEVELOPMENT AND CONSTRUCTION OF AN AFFORDABLE HOUSING PROJECT AT A SET LEASE RENTAL AMOUNT OF $10.00 PER YEAR. WHEREAS, on April 7, 2017, Governor Ige executed Executive Order 4531, which set aside 9.091-acres, situated at Tax Map Key (3) 2-4-001:168 to be under the management and control of the County of Hawaii ("County") for the purpose of providing elderly and/or affordable rental housing and related purposes; and WHEREAS, Chapter 2, Article 19, Section 2-120(a)(2), Hawaii County Code, as amended,provides that the County Council may direct the Finance Director to negotiate the disposition of real property by lease to non-profit organizations at such rentals and on such terms and conditions as deemed proper without notice or appraisal; and WHEREAS, the Office of Housing and Community Development (OHCD) has determined that the Hawaii Island Community Development Corporation (HICDC) is a non- profit organization with extensive experience in the development of affordable housing; and WHEREAS, the County, via Hawaii County Council Resolution No. 476-18, executed a seventy-five-year lease with the HICDC for the purpose of developing rental housing and supportive services and related uses for low- and moderate-income senior residents; and WHEREAS,the HICDC initially proposed to construct approximately 200 rental housing units to serve low-to moderate-income seniors based on estimated design density and respective market demand for the area; and WHEREAS, a market study conducted for the proposed project by Colliers International Hawaii in 2021 identified a residual demand of 5,152 rental units needed in South Hilo for households with children, compared to the demand of 842 rental units needed for seniors in South Hilo, and based on this market data, the HICDC has since determined that there is a greater need for low- to moderate-income housing units that serve households with children; and WHEREAS,the current proposed project plans to target both senior and family populations in a mixed design and density to produce a better balanced project that is also appropriately suited for the surrounding neighborhoods.