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FC- 170 Page 3 June 18, 2024 <br />Mr. Inaba shared concern and asked if any other tax classes are set based on another besides the <br />Affordable Rental and Homeowner. Ms. Miura replied that she could not think of another one. <br />Mr. Inaba noted that he had reservations. <br />Mr. Kdneali'i-Kleinfelder commented on Ms. Miura's messages from Ms. Wong regarding the use of <br />the word "cumulative" or "consecutive." Mr. Kdneah'i-Kleinfelder asked the makers for their thoughts. <br />Mr. Henricks clarified the matter as there was some confusion among Ms. Galimba and Ms. Kagiwada. <br />Ms. Villegas commented on the spreadsheet provided and reviewed where the money could come from <br />and the other tax classes that would have to pay for it, making it a hard sell. Ms. Kagiwada spoke about <br />the process of elimination for this tax rate and explained how things would balance out. Ms. Villegas <br />appreciated this explanation and thanked her for the clarity. <br />Bill 104, Draft 2, was amended with the contents of Communication 600.11, which was introduced by <br />Ms. Kagiwada, and approved with nine "ayes. <br />After multiple members expressed concern about this bill and their inability to support it, a motion was <br />made to postpone the bill. <br />Bill 104, as amended to Draft 3, was postponed to January 23, 2024. <br />Finance Committee Meeting of January 23, 2024 <br />Real Property Tax Assistant Administrator Keito Jo and Deputy Corporation Counsel J Yoshimoto were <br />in attendance and available for questions. <br />Ms. Kagiwada provided an update on the bill and spoke about an amendment with the hope to clarify the <br />bills intent, adding a short purpose and some program limitations. Ms. Kagiwada spoke to who will <br />ultimately benefit from this and further explained the reason that they started this is for the people, <br />renters, and people who need housing. <br />Ms. Galimba shared that this would be an essential tool for real property tax incentives to create more <br />housing for our local community. Ms. Galimba further clarified that this bill is not intended to get <br />people out of Affordable Housing but to get homeowners of vacant properties to assist in the housing <br />stock by making a home available for people in need of a home. <br />Bill 104, Draft 3, was amended with the contents of Communication 600.25, which was introduced by <br />Ms. Kagiwada, was approved with seven "ayes," with Ms. Galimba and Mr. Kdneali'i-Kleinfelder <br />absent. <br />Multiple Committee Members spoke in support of the amendment. <br />Ms. Kierkiewicz stated that upon further review of the bill with its amendments, there could be a <br />potential budget shortfall of $7 to $15 million if this ordinance were to pass. Mr. Jo confirmed that <br />statement. <br />Acting Chair Cindy Evans was concerned with some of the language on Page 2, Section 3 (k)(1), which <br />states, "Real property occupied for twelve consecutive months and under a signed lease for six <br />consecutive months or more to the same tenant(s) shall be eligible", specifically the use of the word <br />"and", and was concerned that the language was not clear. Mr. Yoshimoto was not clear on what her <br />FC Report No. 170 <br />