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also spending 200 thousand dollars on something that we don't know, you know, for an
<br /> investor that doesn't know what direction it's actually going to go.
<br /> So, I can sort of, at this point, sort of see both sides here of what you're bringing up and
<br /> what you're proposing, but this is what we have to do look forward thinking for our
<br /> island and what we really want it to be. And we look at you and we go, this is a great
<br /> idea, it's so much better than that high-density thing, which maybe they could do. This is
<br /> nice acreage, its maybe organic farms, these are all really good and maybe you'll do
<br /> water catchment. You know, those are all the positive things, right? And improving,
<br /> dedicating that whole portion of the road to the, increase the roadway. Those are all really
<br /> positive things. But this discussion for us is really important about trying to figure this
<br /> out.
<br /> So, I mean, if you looked at it like you were going to do 11 places and each of them pays
<br /> an extra 10 thousand dollars when you sell the lots that would pay you back for—I mean
<br /> that's how you would have to think about it. Right? And then you would have something
<br /> in place that has the potential of doing something a lot better. You'd be, you'd personally
<br /> be a lot happier, as you said, connectingto a sewer. And whyyou couldn't just take the
<br /> pP
<br /> J
<br /> 10 thousand dollars and pass it on to the people buying your lots. I mean, we're just
<br /> having a frank discussion here. I'm trying to understand. Yeah.
<br /> VITOUSEK: Yes, I agree. And, you know, I'm not a real estate guy, but looking at 1-
<br /> acre lot in this area, I would guess, there's probably people who know a lot better than I
<br /> do what it would go for, I'd guess you're looking between 400, 500, maybe more, who
<br /> knows in this day and age. Multiply that by the ten lots, excluding the one that you're
<br /> going to keep, and you know, five million, that will allow you to build these kind of
<br /> things that should be fairly standard in the Kona urban corridor. And so, I think passing
<br /> on that construction of the sewer to have that connectivity and capability is a reasonable
<br /> ask within the urban corridor and it's not pushing anything out of reach. It is adding up
<br /> front costs.
<br /> CHEN: Right. I hear you, Mr. Chairman. And, you know, certainly I hear your
<br /> calculations, but I'm not interested either, but I know, I know before I was trying to buy a
<br /> lot before, and I know it was very close by. One-acre lots sold for not too long ago, 299.
<br /> So, I'm not saying that—so, it's a wide, there's a wide you know, variations. You kind of
<br /> project that, but the upfront cost is the real cost. I put it there and it's just buried with dirt
<br /> with no use, potentially no use at all is a complete waste of resource for anybody. For the
<br /> new buyer, make it harder for the new buyer because it'd be cost for the new buyer also.
<br /> It'd make it harder for people to come here, harder to develop anything. So, it's upfront
<br /> waste and without any potential. With very uncertainty, at least.
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<br /> EXHIBIT F
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