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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: June 19, 2006 Re: Comm. No. 922Bi11 No. 295 <br /> PLACE: Council Chambers <br /> TIME: 9:00 a.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 295, reports as follows: <br /> Bill No. 295, transmitted by Assistant Corporation Counsel Gerald Takase, via Communication <br /> <br /> No. 922, dated May 22, 2006, amends Chapter 19, Hawaii County Code 1983 (2005 Edition), <br /> Real Property Taxes, relating to Real Property Tax Exemptions. <br /> The purpose of this measure is to add a new section allowing for tax exempt status to real <br /> property held by the Hawaii Island Housing Trust, which was created to manage property <br /> deeded to the County of Hawaii for affordable and employee housing. <br /> The County of Hawaii has embarked upon a new endeavor for the creation of affordable and <br /> employee housing within the County of Hawaii. To facilitate this undertaking, the Hawaii <br /> Island Housing Trust was created to manage all property that is deeded to the County of Hawaii <br /> for this purpose. In order for the Hawaii Island Housing Trust to fulfill its mission, tax exempt <br /> status should be granted to help lower costs to provide affordable housing, while the Hawaii <br /> Island Housing Trust holds the land for development. <br /> Council Member Pete Hoffmann clarified that this measure would be island-wide and <br /> administered by the three board members. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 295 and <br /> recommends it pass first reading. <br /> smc <br /> Hues NOES A&E Ex Respectfully submitted, <br /> ARAKAKI X <br /> xrcA X COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> HOLSCHUH X <br /> IKEDA X <br /> ISBELL X ~^'4----~ <br /> .IACOSSON x VIRG IA ISBELL, CHAIR <br /> PILAGO X FC REPORT NO. 306 <br /> SAFARIx X ADOPTED: ~(~I ~ 7_9fIQ~ <br /> <br />