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Communication 106.83 <br /> <br /> Page 2 of 2 <br /> Council Chair Higa inquired whether the conveyance to Innovations in fee simple would allow it to <br /> mortgage the property. Mr. Cook responded that under the terms of the agreement, Innovations <br /> would be able to mortgage the property but that he would be monitoring the situation and submitting <br /> annual reports. He stated that in the event Innovations Public Charter School ceased its operation, his <br /> <br /> group would work closely with Innovations and insure that any debt or obligation that has been <br /> incurred by Innovations is satisfied prior to transferring the property back to the County. Mr. Cook <br /> further stated the developer itself would clear all outstanding debts or obligations before transferring <br /> the land back to the County. <br /> Chair Higa inquired who would ensure that Mr. Cook's group would be around years down the line. <br /> Ms. Jacobson stated in addition to Mr. Cook's assurances, the Foundation has a provision that should <br /> Innovations Public Charter School cease, its operation must pass to another similar foundation. <br /> <br /> Your Committee on Planning is in accord with the provisions of the Agreement between Puaa <br /> Development, LLC and Suffolk Investment, LLC, "Seller" and Innovations Public Charter School <br /> Foundation, "Buyer", and recommends approval of the Conveyance Agreement. <br /> <br /> and <br /> Ares Noss nas sx Respectfully submitted, <br /> ARAICAHI X <br /> HICA x COMMITTEE ON PLANNING <br /> HOFFMANN X <br /> HoLSCxoH x lv <br /> H~nA x <br /> ISBELL X K. Angel Pilago, Chair <br /> JACOBSON X <br /> PII,AGO X <br /> sAFARIIC x PC REPORT NO. 89 <br /> ADOPTED: ,IUL 0 j 10Qfi <br /> <br />