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COUNTY OF HAWAI'I'.-=>= STATE OF HAWAII <br /> RESOLUTION NO. 403 06 <br /> <br /> RESOLUTION AUTHORIZING THE MAYOR OR HIS DULY AUTHORIZED REPRESENTATIVE <br /> <br /> TO NEGOTIATE, EXECUTE AND SUBMIT THE NECESSARY DOCUMENTS FOR AN <br /> <br /> ESTOPPEL AGREEMENT WITH THE NATIONAL ELECTRICAL BENEFIT FUND FOR A <br /> PRE-DEVELOPMENT LOAN WITH THE WAIKOLOA WORKFORCE HOUSING, LLC <br /> WHEREAS, the County of Hawaii is the owner of approximately <br /> 276.822 acres of land situated at TMK: 3/6-8-02:26 and 3/6-8-30:179, <br /> <br /> Waikoloa Village, South Kohala, Hawaii; and <br /> WHEREAS, on September 15, 2004, the Hawaii County Council <br /> adopted Resolution No. 236-04 which authorized the Mayor to execute an <br /> agreement with a master developer and to enter into agreement to <br /> develop the Waikoloa Employee Housing Project (WEHP); and <br /> WHEREAS, on January 5, 2006, the Hawaii County Council adopted <br /> <br /> Resolution No. 234-06 which designated a non-profit corporation to <br /> lessen the burden of the County to provide affordable workforce <br /> <br /> housing. This provided the mechanism for the County of Hawaii to <br /> deed to the Hawaii Island Housing Trust (HIHT), a non-profit entity, <br /> approximately 276.882 acres of land for a fee of ten dollars ($10.00); <br /> and <br /> WHEREAS, once HIHT receives title to the Waikoloa property (TMK: <br /> 3/6-8-2:26 & 3/6-8-30:179), HIHT will issue a ninety-nine (99) year <br /> ground lease to the Special Purpose Entity (SPE) non-profit who will <br /> be responsible for carrying out the project; and <br /> WHEREAS, upon the transfer of title from the County of Hawaii to <br /> the HIHT, the HIHT/SPE will enter into a pre-development loan with the <br /> <br /> National Electrical Benefit Fund (NEBF) in the amount of $4,250,000, <br /> for engineering, architectural, land planning, green building, utility <br /> fees, attorneys' fees, and other related pre-development activities; <br /> <br /> and <br /> WHEREAS, in order for the HIHT/SPE to assume the development of a <br /> community of 800 to 1,200 for-sale and rental housing units, the <br /> <br /> HIHT/SPE will need to secure the NEBF pre-development loan against the <br /> <br /> ground lease through the execution of an Estoppel Agreement; and <br /> 1684hmko <br /> • <br /> <br />