RES 303 Draft 01 2022-2024 - Laserfiche WebLink

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WHEREAS, on January 14, 2021, the County issued a notice of award to the Developer for the RFP; and WHEREAS, on October 4, 2021 the County entered into a Development Agreement with Kamakoa Nui Limited Partnership, a limited partnership of PHAC ("Developer") for the development and construction, rental, management, and operations by the Developer of the Project to be situated on the Property; and WHEREAS, on February 11, 2022 the County and the Developer amended the Agreement with the First Amendment to Development Agreement to; change the Project name to "Na Hale Makoa", increase the unit count up to 140 units, increase the lease term to 68 years, and approve the Developer for thirty (30) Project -Based Housing Choice vouchers; and WHEREAS, the Developer has developed or assisted in the development of nearly sixty (60) projects amounting to 1,851 housing units for very low to moderate income families and persons with special needs, and owns directly or through affiliated entities 14 projects of 939 senior and family apartments; and WHEREAS, on July 13, 2023, the Board of Directors of the Hawaii Housing Finance and Development Corporation approved Low Income Housing Tax Credits, Hula Mae Multi -Family Bonds, Rental Housing Revolving Funds financing from the Hawaii Housing Finance and Development Corporation totaling $80,379,664.00 for the Na Hale Makoa project; and WHEREAS, the Developer anticipates beginning construction in the first quarter of 2024; and WHEREAS, the County Council has determined that there is a need for provision of affordable housing throughout Hawaii County; 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 affordable housing developers as such rentals and on such terms and conditions as deemed proper; and now, therefore BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, that the Finance Director is hereby authorized to negotiate a multi-year lease for 68 years with Kamakoa Nui Limited Partnership, for the leasehold development and operation of Na Hale Makoa as an affordable housing project.