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<br /> 6-t7-02: 4:37PM; CARES SCHVTTE KONA ;808 326 tt75 # 2i 5 <br /> CA®ES SCti~1`TT'E FLEMING ~ WR~CJHT' <br /> A LIMITED LIADI LITY LAW COMrANY <br /> Kailua-Kona, Hawaii Office .Suite B-303 . Hualalai Cent~t~ 7~-1 ~,O k~u )ai Road .Kailua-Kona, Hawaii 96740.1737 <br /> Tel (808) 329.5811 . Fax (808) 32b-1175 . www.cades.com ll t • it ~ ~ .1, ~ 'r'' ( 1 <br /> Roy A. Vltoaflsek III • (808) 329-5811 • Direct Fax (808) 326-I 1 E-mail rvitausek@cades.com <br /> June 17, 2002 <br /> Bobby Jean Leithead-Todd <br /> Chair, Planning Committee <br /> Hawaii County Council <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 <br /> Re: Kohanaiki Property <br /> Dear Ms. Leithead-Todd: <br /> The purpose of this letter is to provide information which you and members of your <br /> committee requested during the public meeting held on February 20, 2002. You will recall that I <br /> testified at the meeting on behalf of owners of the Kohanaiki parcel in North Kona (TMK: (3) 7- <br /> 3-09: Sand 16). <br /> I a1n enclosing a map of the Kohanaiki property which shows the relative locations of <br /> anchialine ponds, known archaeological sites, the coastal strand, and the area proposed for <br /> designation in the Planning I?epartmenYs proposed revisions to the General Plan. A rough <br /> estimate of the amount of land in the "open" designation would be 200 acres. I am also <br /> enclosing a copy of a snap which shows the zoning districts currently in place on the subject r <br /> property pursuant to Ordinance 88-159. <br /> Nansay Hawaii, Inc. purchased this property in 1984 for approximately $46.5 million. At <br /> the time the property was purchased, it was in its current General Plan designation, State land use <br /> classification, and zoning. <br /> Since 1990, Nansay and its lender, Kennedy-Wilson International, have spent <br /> approximately $13.5 million in planning, development, property taxes, and property <br /> maintenance. <br /> While it is difficult to estimate the potential lost value of the property under the current <br /> circumstances, our rough estimate of the decrease in value of the property resulting from the <br /> proposed redesignation is between $20-30 million. <br /> Conlon. Nab <br /> File ~To.,~ <br /> Ilef. To: <br /> P.ef. i3aA~ <br /> _ <br /> ~~5 <br /> <br />