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Honorable Chair and members of the Council <br /> September 13, 2004 <br /> Page 4 <br /> 7 months of resale inventory, based upon the current velocity of <br /> sales." He continued, "Developers ignore these market signals at <br /> their own peril." <br /> In closing, the "bottom line" effects of this Bill, if approved, are <br /> several opportunities and a number of realities. <br /> The opportunities are: <br /> 1. Having a planned village community with afull-complement of land <br /> uses, instead of a heavy industrial park with no residential component <br /> or a luxury residential project for the wealthy; <br /> Z. Having 20% affordable housing on site, at a location close to a beach <br /> park, shopping area, and places of employment. <br /> 3. Having a commercial complex that services the needs of job <br /> generators located in South Kohala and the northern quadrant of North <br /> Kona and residents who live in these areas, and thereby <br /> helping to mitigate excessive vehicular movements toward Kailua. <br /> <br /> At the same time, the realities are: <br /> 1. Having at the earliest, occupancy of a maximum 50% of the <br /> commercial area 3 years from now. Whether that happens or not is <br /> very problematic, given the conditions of the zone change that must <br /> be fulfilled; actual construction time; and overall market conditions. <br /> <br /> 2. Having about 17 acres of coastal land at O~oma next to Kohanaiki <br /> valued at several million dollars, dedicated to the public within 90 <br /> days. Unlike other projects, this dedication is not when the project is <br /> developed...it is NOW! This is a claim that many projects cannot <br /> make. <br /> <br />