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improvements. <br /> The fair share contributions described above shall be adjusted annually <br /> beginning three years after the effective date of the change of zone, based on the <br /> percentage change in the Honolulu Consumer Price Index (HCPI). In lieu of <br /> paying the fair share contribution, the applicant may construct and contribute <br /> improvements/facilities related to parks and recreation, fire, police, solid waste <br /> disposal facilities, and roads within the region impacted by the proposed <br /> development, subject to the approval of the director. The cost of providing and <br /> constructing the improvements required in Conditions E and F shall be credited <br /> against the sum specified in Condition L (5) for road and traffic improvements. <br /> For purposes of administering Condition L, the fair market value of land <br /> contributed or the cost of any improvements required or made in lieu of the fair <br /> share contribution shall be subject to review and approval of the director, upon <br /> consultation with the appropriate agencies. <br /> Upon approval of the fair share contributions or in lieu contributions by the <br /> director, the director shall submit a final report to the Council for its <br /> information that identifies the specific approved fair share and/or in lieu <br /> contributions, as allocated, and further implementation requirements. <br /> M. Should the Council adopt a Unified Impact Fees Ordinance setting forth criteria <br /> for the imposition of exactions or the assessments of impact fees, conditions <br /> included herein shall be credited towards the requirements of the Unified Impact <br /> Fees Ordinance. <br /> <br /> N. In lieu of actual construction of infrastructural improvements as conditioned <br /> above, the applicant may enter into an agreement with the Planning Director and <br /> the Department of Public Works and the Department of Water Supply, if <br /> -6- <br /> <br />