RES 403 Draft 01 2004-2006 - Laserfiche WebLink

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WHEREAS, in the event that the WEHP does not move forward and the HIHT/SPE defaults on the NEBF pre-development loan, the County has the right to step in and assume the terms and conditions of the NEBF pre- development loan in order to retain the property; and WHEREAS, in the event of litigation over the TDC/WDC agreements, the agreement requires the County to hold NEBF harmless from any claims against them and reasonable attorneys' fees up to $200,000; and WHEREAS, the timely closing of the NEBF loan is critical to the successful development of the WEHP. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the Mayor or his duly authorized representative is hereby authorized to negotiate, execute and submit the Estoppel Agreement between the County of Hawaii and the National Electrical Benefit Fund for the Waikoloa Employee Housing Project. BE IT FURTHER RESOLVED that the Mayor or his authorized representative is designated to act as the representative of the County. BE IT FURTHER RESOLVED that a copy of this resolution be transmitted to the Office of Housing and Community Development, the Hawaii Island Housing Trust and the National Electrical Benefit Fund. Dated at Hilo this 7th day of July 2006. RODUCED BY: _ COUNCIL ME BER, COUN F AWA ~I u ~ COUNTY COUNCIL ROLL CALL OTE County of Hawaii Hilo, Hawaii AYES NOES ABS F,x ARAKAKI X I hereby certify that the foregoing RESOLUTION was by the HIGA g vote indicated to the right hereof adopted by the COUNCIL of HOFFMANN X the County of Hawai' i on .z„ t ~ ~ _ ~n n F HOLSCHUH X IKEDA X ATTEST: ISBELL X JACOBSON X PILAGO g ~ ~ ~ SAFARIK J{ %~j~ 8 0 1 0 Reference C-961/Waived CHA COUNTY CLERK CHAIRMAN & PRESIDING OFFICER RESOLUTION NO. 4f).3 l~ fi