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~ CI-LaL.G~r f:~:TER~~;_;TION:~L of Ha~.~-ail, Inc. ~ r - ~ _ ....:ne _ : ~Ir. Christopher J. ~"yen, Di: ector Department cf Planr.in~7 Countv of Hawaii ~ _-;~:puni Street, R._ i ~ _ Hilo, HI 96_=~J - - S[.,"BJECT: :~~~-L.-_-3L: PROGRESS R>;PORT - ORDIPi~~iCE tiO. 93-109 ~1-~F-:L'KOi~_~, ;VORTI-I KOHr1LA, HA.~V.AII T~IK: ~-7-03:0 Portion and 10 Portion Dear ~Lr. Yuen: In compliance ~~ith Condition. "L'~ of Ordinance `o. 93-109, Chalon International of Ha~~aii, Inc. hereb~• s~omits ti:e annual progress report for 2001. Condition "U" states that: "(li) an annual progress report shall be submitted to the Planning Director prior to tl~e anniversary date of the change of zone. The report shall include but not be limited to, the status of the development and to what extent the conditions of approval are being complied with. This condition shall remain in effect until all of the conditions of approval hay;-e been complied with and the Planning Director acknowledges that further reports are not required." The anniversary date of Ordinance No. 93-109 is November 8, 1993. Status of the Development Various joint venture financing and~'or development scenarios have been explored with national and international project developers. The rapidly changing international investment market coupled with the volatile stock markets has resulted in a eery unstable investment climate for new resort projects. Chalon has continued to generate start-up de~•elopment capital and subsidize operating expenses through Hawaii land sales. The underperforming Japanese economy has further necessitated a proportional distribution of Chalon Hawaii re~•enue to support our parent company's operational requirements in Japan. Several marketing studies have been commissioned for the ~Iahukona resort project in light of changing marl~et conditions and oft=site infrastnicture timing. ~Ve continue to