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<br /> <br /> <br /> <br /> <br /> C. Waimea Elderly Housing Project <br /> <br /> Parker Ranch contributed approximately 4.7 acres of land used in the <br /> development of the Waimea Elderly Housing Project completed in 1995, <br /> which provides housing opportunities forlow income elderly residents <br /> utilizing the U.S. Department of Housing and Urban Development 202 <br /> Housing Program funds. In accordance with the provision of Ordinance <br /> No. 98-1, Parker Ranch shall receive either the provision of affordable <br /> housing units on the subject property, or the amount of land as determined <br /> by an assessment of value of that contribution. <br /> <br /> Based on an appraisal of the value of land when it was donated to the <br /> County, the estimated value of the property in 1992 was $500,000. See <br /> attached Land Appraisal Report prepared by Bill M. Brodbeck, MAI, <br /> CGA, dated November 10, 1999. Based on this appraisal, Parker Ranch <br /> shall received a total of 105 affordable Housing Credits which can be <br /> applied toward the Affordable Housing requirements of the Parker Ranch <br /> 2020 Project and other Parker Ranch projects in the Waimea area. This is <br /> based on a value of $4,720 per affordable unit required. <br /> <br /> D. Other Programs <br /> <br /> Parker Ranch may satisfy its affordable housing requirements through any <br /> other means or programs which are approved by the County Housing <br /> Agency. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Parker Ranch 2020 Project Housing Plan June 18, 2000 <br /> Page No. 7 <br />