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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: May 16, 2006 Re: Comm. No. 889/Res. No. 365-06 <br /> PLACE: Council Chambers <br /> <br /> TIME: 10:03 a.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Resolution No. 365-06, reports as follows: <br /> Resolution No. 365-06, transmitted by Director of Finance William Takaba, via Communication No. 889, <br /> dated May 2, 2006, authorizes the payment of funds of a later fiscal yeaz and of more than one fiscal year <br /> for amulti-yeaz lease of real property at Puainako Center, Building C, Bay C-5, 2100 Kanoelehua Street. <br /> The County wishes to enter into amulti-yeaz lease with PTC Partners, through Caro] VanCamp of Ala <br /> Kai Realty, Inc., for five (5) yeazs beginning on July 1, 2006 or upon completion of the pazking lot <br /> expansion, whichever occurs later and will have an unconditional right to terminate, effective after three <br /> (3) years with one hundred eighty (180) days prior written notice to the landlord. <br /> This space, located next to Checkers Auto Parts, was formerly occupied by Long's Drugs Express and <br /> Pay `n' Saue. It contains 7,540 squaze feet of office space and 7,282 square feet of storage/wazehouse. <br /> The owners have agreed to expand its pazking facilities to the rear of Bay C-5 if the County leases this <br /> space. <br /> Funds would be budgeted in future fiscal yeazs to cover the anticipated costs. <br /> Pursuant to Section 10-11, Hawaii County Charter, any contract, lease or other obligation requiring <br /> payment of funds from the appropriations of a later fiscal yeaz must be approved by resolution. <br /> William Takaba, Director of Finance, explained that although the lease is for five yeazs, provisions are <br /> included to end the lease after three yeazs with no penalty. <br /> Some members of Your Committee felt that Administration should do a cost analysis on demolishing and <br /> rebuilding the County Building and one for renovations on the County Building. <br /> Your Committee on Finance is in accord with the purpose and intent of Resolution No. 365-06 and <br /> recommends its adoption. <br /> smc <br /> writs Noes n~E ex Respectfully submitted, <br /> ARAKAKI X <br /> HICA x COMMITTEE ON FINANCE <br /> HOFFMAPiN X <br /> HOL5CH[TH X , <br /> II~DA X <br /> ISBELL X U'~"'- ` <br /> JACOBSON x VIRG A ISBELL, CHAIR <br /> FILAGO X FCREPORTNO~ 300 <br /> sAFARIx X ADOPTED: '~~~OG <br /> <br />