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The Ilanorable Pete Hof£ntavn, Councilman <br /> <br /> May 31, 2006 <br /> Page 4 of 4 <br /> private lauds. The extent and tithing of the commitment of any othez parties to contribute <br /> to the cost of the toad has been uncertain. These unceztainties make it very difficult for <br /> Hiluhilu to accept a condition to fund this improvement. That difficulty was the reason <br /> why the dollar and time limitations were inserted into the recommended conditions when <br /> this application was being processed thzougla the Coutr[y Planning Commission. <br /> Palamanui was conceived of as a community development with a mix of <br /> housing. It is not planned as an exclusive "high ctxd" residential cotnznunity. Twenty <br /> percent (20%} of Ule residential units onsite wil! be set aside for affordable housing. <br /> Using a financing vehicle such as the CFA will force up the housing prices at Palamanui. <br /> This maulca-makai connector road will be a major regional benefit. If a CFD is to <br /> be used to fund its design and construction, the assessed azea should include several if not <br /> aU districts of the island- We do not believe that this approach is workable. If public <br /> flutds are used for this improvement, a general obligation bond, repaid from tax revenues <br /> of the county, is a fairer and more workable approach. <br /> We ask that this condition be revised to eonfozm to that recommended by the <br /> Planning Commission. <br /> Thank you fox providing us with the opportunity to comment on Drag 2. We <br /> look forward to working with you and your fellow council members to reach a reasonable <br /> resolution of the issues and to move forward with the project. <br /> Aloha, <br /> HILUHILU DEVELOPMENT, LLC <br /> By: <br /> Quid come <br /> Island Advisors, Inc. <br /> Owner's Representative <br /> <br />