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filsr~aii Inva~ivQ ~p~~i~~ [~ian~l~~zrr~~nt ~ Cdu~~iior~ ~'©rpor~tian a'Fi~waii l~Qrz-~'r~Qr11 DATE: May 4, 2005 TO: Hawaii County Council Members FROM: Kim Tavares, President RE: In FULL SUPPORT of BILL 78, Land Conservation Funding Urgent, Timely Action Required TODAY In light of today's real estate boom, it is appropriate and timely to have this bill before you today. It is critically important that it pass this time around, because for many parcels there may not be another chance. The most recent real estate magazine displays clearly why this 2% reserve must be set aside immediately. Easily Double the Investment Funds set aside for land conservation can be matched to private, state and federal dollazs at a rate of at least 1:1, depending on the source. Together with those matching resources, a County contribution of two percent of its annual budget will make it possible to purchase large undeveloped land tracts like these. Without the fund there will be no match, and no outside support. Scrambling for funds and matches when the land goes to the market isn't soon or reliable enough to depend on. F,xample: Good candidate properties usually arrive on the market with little or no notice and they generally sell pretty quick. Four years from now, if we decide today to set aside half a million per year instead two, the cream of the crop in green space will likely be sold and developed immediately. When a sufficient fund exists, it will satisfy the requirements for acquiring larger land tracts and higher priced smaller parcels at wholesale, rather than retail prices, and it will be more attractive to federal dollars to be matched. This bill needs to pass today. Buyers & Sellers Market High-end private real estate deals today appear to be in the range of $2 million dollazs for 20 acres, give or take a few $100K or a few individual acres. Gentleman ranches, estates, ocean and Comm. No. ~ • 3 Ref. To: P? '~f. _~op~ 2~5