COM 0687.079 2004-2006 - Laserfiche WebLink

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Page 6 of 11 Bi11224, Draft 3 Hiluhilu Development, LLC {a) Road 4A. Applicant shall obtain aright-of-wav from the Department of Land and Natural Resources to build the section of Road "4" that is within the land to the north of the protect that is owned by the State of Hawaii (that section may be referred to as Road "4A"). Applicant shall build Road "4A" at its expense, but Applicant is not responsible for the purchase of said road right-of--wav. (b) Road 4B. (I) Applicant shall use its best efforts to obtain the land for the road right-of--wav from the private owner of the land through which the upper portion of Road "4" runs to its intersection with the Mamalahoa Highway (that section may be referred to as Road "4B"). "Best efforts" do not require that Applicant purchase said land. If Applicant is not able to obtain said right-of--wav within one (1) year of the approval of the Project District Ordinance, and the County wishes to proceed with construction of Road "4B", the County will acquire the land for said right-of--wav within one (1) yeaz after Applicant notifies the County that it is not able to obtain said land. (2) Applicant will build Road "4B" under the terms described below. (31 The County agrees to reimburse Applicant for the cost of designing and building Road "4B" within three (3) years of its completion and to pay an amount equivalent to eight percent (8%) per year on such cost from and after the period following completion of Road "4B". The cost to Applicant and resultant reimbursement shall not exceed $10,300,000 plus the eight percent (8%) per year amount. The County will provide documents showing that all actions necessary to ensure reimbursement have been taken prior to the commencement of substantial construction of Road