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<br /> <br /> <br /> <br /> <br /> <br /> Parker Ranch Foundation Trust <br /> Parker Ranch 2020 Project <br /> Housing Plan <br /> June 18, 2000 <br /> <br /> Introduction and Background <br /> <br /> The original planning for the Parker Ranch 2020 Project, to implement a long range master plan <br /> for the development of its lands in the Waimea area, began in 1986. In 1992, approval of the <br /> Parker Ranch 2020 Plan was granted by the County through the adoption of Ordinance No. 92- <br /> 65. This ordinance rezoned over 580 acres of land in the Waimea area for commercial, <br /> industrial, residential and agricultural activities, as well as provided for a wide range of <br /> community facilities. <br /> <br /> Parker Ranch owner, Richard Smart, passed away unexpectedly in November of 1992. As <br /> directed by his estate plan, the majority of his assets, including the Parker Ranch 2020 Project <br /> area were placed in a charitable trust, the Parker Ranch Foundation Trust. His intent was that the <br /> Trust benefit residents of Waimea through contributions to education, charity, and health <br /> services. The original beneficiaries of the Trust were: <br /> <br /> o Parker School <br /> o Hawaii Preparatory Academy <br /> O Lucy Henriques Medical Center <br /> o North Hawaii Community Hospital; and <br /> o Hawaii Community Foundation <br /> <br /> Since the establishment of the Trust, Lucy Henriques Medical Center and North Hawaii <br /> Community Hospital have merged. With respect to the Hawaii Community Foundation, it is <br /> required to distribute its portion of the Trust income to charitable organizations in Waimea <br /> through grants that benefit the community. In this manner, Richard Smart believed that the <br /> people of Waimea would ultimately benefit from the income of the Trust. <br /> <br /> In 1994, Parker Ranch began to revise its Parker Ranch 2020 Project in response to community <br /> concerns and the new direction of the Ranch. The area and density of the Project were reduced to <br /> encompass approximately 340 acres of land with a total of 730 residential units. This is a <br /> reduction of approximately 268 units from the original plan. A summary of the revised Parker <br /> Ranch 2020 Project is provided in Table No. 1, below. <br /> <br /> Parker Ranch also requested certain amendments to the conditions of approval of Ordinance No. <br /> 92-65. The amendments were to ensure the Ranch was in compliance with the performance <br /> conditions which required certain actions to be undertaken in a specified time period. In <br /> addition, Parker Ranch requested certain amendments to allow for a more efficient phasing of <br /> the project; and to provide for the development of the property in a manner that ensures the <br /> impacts of the project are addressed in a way that is fair to the County, the community and to <br /> Parker Ranch. <br /> <br /> <br /> Parker Ranch 2020 Project Housing Plan June 18, 2000 <br /> Page No. 1 <br />