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Home My WebLink AboutCOM 1122.002 2004-2006 Villages of Aina Le'a ~ Waikoloa, Hawaii W V Ir r Yr rv to nw a on Communit Facilities District # 2006-1 40 information Packet E a Comm. N. It ZZ. Ref. To: PI OSO t Ref. Uate ~7 2 rr rr VillagsT. es of Aina Le'a ~ WaiLoloa, Hawaii W r. Ili Ta6le of Contents 11r i . Community benefits of Villages of Ana L.e'a 2. Community F)enAts- Continued Community )enefits- Continued T 4. Letter from }department of Water 5upply r. 5. CFD Overview CrD Overview- Continued 7. CrD Financing- Implementation of CrD r s. boundary Map CrD Linancing-Administrative Process i o. cm Financing- Administrative Process- Continued W rr all 6 OR a PI W Ire Villages of Aina Le'a Waikoloa, Hawaii on Community F)enefits of tke Villages of Ana Lea w rr ~ a V ~ I t, V 1, V hr r ~r ~r Villages of Aina Le'a Waikoloa, Hawaii Community t)enefits of tke Villages of Aina Lea Affordable Housing - The development will include 385 affordable housing units or their equivalent in whatever form most directly benefits the community based upon the existing needs in the area as identified and determined by the County and State. r. Back-up and Additional Potable Water - r. Pursuant to an agreement with the County, Bridge will distribute potable water from its Ouli wells directly into the County reservoir tank at Mauna Kea via a water pipeline dedicated to the County. This will provide much-needed backup to the existing water system serving Mauna Lani, Mauna Kea, Kawaihae and Pauko. Of the water Aina Lea puts in to the system, the County keeps 20%. This is the first time for a land owner to execute an Agreement with DWS giving 20% of the developed water supply (previous years it was 10%). As it was expressed to Bridge, there is a severe public need for this additional 20% of water supply in this area. ^ Connector Road - The development will include a road connecting the Waikoloa Villages located at mauka of the Villages at Aina Le'a with the Queen K highway. W Initially it will serve as an emergency egress for Waikoloa Village. Property for Public Schools - As a part of the development, Bridge will dedicate 32 acres of real property to the State of Hawaii Department of Education for development of public school(s) to serve the needs of the surrounding community. After consulting with the Waikoloa Village Association, the dedicated m land will be located in area allowing convenient access for the students of the Waikoloa Villages and the students of the Villages of Aina Le'a. 6 YW r ® Villages of Aina L &a Wa&oloa, Hawaii Community E>enefits of the v1 lages of Aina Lea A Continued.... Public Parks - As a part of the development, Bridge will develop approximately 25 acres of land for use as public park(s). These public parks will serve as community recreation centers for both the residents of the Villages at it Aina Le'a and the surrounding communities. Pedestrian and/or Bicycle Paths - The villages at Aina Le'a will provide over five (5) miles of pedestrian and/or bicycle paths open to the public in an area where no such paths presently exist. Yr Golf Course Play - The Villages at Aina Le'a will provide public play golf at a standard municipal rates. Commercial Amenities - The Villages at Aina Le'a includes a commercial center (with grocery stores, pharmacies, theaters, etc.) to serve the needs of the Villages at Aina Le'a and the surrounding community. Presently no such business exist in South Kohala and residents must travel to Kona or Kamuela for basic shopping needs. The CFD accelerates construction of the above benefits making them 40 available to the community sooner. This CFD can serve as a template for other districts in the County at Bridges expense. w Cf MAffR Rai pb} 19 DEPARTMENT OF WATER SUPPLY • COUNTY OF HAWAII ao~f~~/MbN»t 345 KEKUANAO'A STREET. SUITE 20 - HILO, HAWAI'1 96720 TELEPHONE (808) 961-8050 • FAX (808) 961-8657 October 13, 2006 TO: Ms. Virginia Isbell, Chairperson, Committee on Finance and Members of the Finance Committee IIN FROM: Milton D. Pavao, Manager SUBJECT: COMMUNICATION 1122 (RESOLUTION 486-06) COMMUNITY FACILITIES DISTRICT APPLICATION PETITIONER - BRIDGE AINA`LEA, LLC iN We submit for your committee's consideration the following information pertaining to the application by Bridge Aina`Lea, LLC (`Bridge") for the establishment of a Community Facilities District pursuant to Chapter 32 of the Hawaii County Code. 1m Bridge owns approximately 3,000 acres of land in Waikoloa, South Kohala, Tax Map Key 6-8-001: Portions of 025, 036, 037, 038, 039, and 040 ("Land"). Further, Bridge owns well sites in Ouli, South Kohala, Tax Map v Key 6-2-001:087, 088, and 089 and has rights to well development options upon Tax Map Key 6-2-001:075 be ("Ouli Well Field"). To facilitate the development of its Land, Bridge is willing to develop the Ouli Well Field, and design, construct, replace, and otherwise create and establish a transmission system, and other necessary storage and distribution facilities required to connect to the Department's existing water system within the Mauna Kea Uplands subdivision. With this connection, Bridge will be allowed to connect to the water system facilities in Lalamilo, which is being upgraded by Mauna Lani Services, Inc., and Mauna Kea Properties, Inc., under terms and conditions of the agreement executed with the Water Board on April 6, 2006. IN The Lalamilo Water System currently services the areas from the Mauna Lani Resort and Puako Beach Drive to the Mauna Kea Resort to the Kawaihae Harbor/Industrial Subdivision. With the proposed improvements, the Mauna Kea Resort to the Kawaihae Harbor/Industrial Subdivision area will be served primarily from the Ouli Well Field. The Mauna Lani Resort and Puako Beach Drive area and Bridge's Land will be served primarily from the Lalamilo/Parker Well Field. More importantly for the Department of Water Supply, the entire water so system operations will become more efficient with the Ouli and Lalamilo/Parker well fields providing back up water sources to the system. At its meeting on September 26, 2006, the Water Board approved a Water Development Agreement with Bridge as described above. Should you or the members of the Finance Committee have any questions regarding the Water Development w Agreement with Bridge, please do not hesitate to contact us. a ours, 4cre w? avao, P.E. QA:pt fcrrocp,, , s.. . o The Department of Waler Supply ss an Equal r7pwi9im , p o.+'a ann r mprGye To N e omplaint f r r.: nalim x,ttE USDA Duec or Office of Cwd Righis. Hoorn 326-W 4Jhlfen 8midma 14th anh Independence Avenric, 3W_'vJa,~h yl_r DC 2%150-9410 Or cal (2C,1~ 72M964 v nro and TDD) r r~ villages of Aina L,e'a ~ Waikoloa, Hawaii Yr FD Overview - Authorized Special improvements ~r yy A CFD may finance the purchase or construction of special improvements that have an estimated useful life of five years or `r longer. The special improvements need not necessarily be located within the CFD boundary. Examples of special improvements which may be financed include: ? Streets, roads, highways, pedestrian malls, sidewalks or alleyways r ? Public parking facilities, lighting systems, local park, recreation facilities, child care facilities, parkway, and open space w ? School site and facilities ? Libraries, museums and cultural facilities r ? Gas, telephone, electrical, cable television lines and other utilities ow Water, drainage and sewer facilities IN ? Police, fire and paramedic facilities iN ? Other facilities County is authorized by law to contribute to, construct, own maintain or operate 40 ® villages of Aina Lela ~ Waikoloa, Hawaii Yr FD verview - Authorized Special Improvements a Continued.... +r+ Hard costs of the special improvement and related incidental expenses are eligible for funding by the CFD. Incidental expenses include the following: r,, ? Planning, design, right-of-way acquisition, and environmental costs r. ? Costs of establishing the CFD, issuing bonds, and levying special taxes r ? Expenses incidental to the acquisition, construction, installation of nr facilities or inspection of work T ? Administrative expenses of the County associated with the special w- improvement, establishing the CFD and issuing bonds ~r w. w ® Villages of Aina Le'a Waikoloa, Hawaii CFD Financing - implementation of CI=D Deposit Reimbursement Agreement has been signed by Bridge Aina Lea to prepay all of the County's expenses in the formation of the CFD District. Resolution of Intention has been prepared by David Taussig and Associates and reviewed by Hawaii County's bond Counsel Rate and Method of Apportionment (Exhibits 1-4 of Resolution of Intention) have been designed to allow full repayment of the bonds by the development Boundary Map identifies the CFD territory and improvement areas. r +rr ^ r r ¦ rr 1 ' PON 1 l \ lia I =1 r a - t7 /~•b% ~C I~ FOR E II lw Y~ P' ) all S• < < E ',P: 7~ 3d3; 2*1 ~V F r 1 t ~hl t P3' T k~ t i=ale O ? `a >L a ~ a MR Y AR i a K 3 Y' villages of Aina Le'a ~ V1/aikoloa, Hawaii e. CFD Financing - Administrative Process w W The administrative process commences upon the closing of the bond financing. The two primary documents the County utilizes to administer the CFD are the Construction, Funding and Acquisition Agreement and Bond Indenture. - The trustee or fiscal agent will generally be responsible for: r ? Establish CFD funds and accounts to account for the initial deposit of bond proceeds, related earnings, disbursements, and transfers ? Disburse funds for the payment of acquisition of the special improvements ? Invest and reinvest bond proceeds in permitted investments .w •3 Service bonds in the event of exchanges or transfers, as well as IIII handling of any mutilated, lost destroyed or stolen bonds 1r ? Remit payment of principal and interest to bondholders •3 Remit payment of any required arbitrage rebate to the US Government 11 Ali i - r Villages of Aina Le'a ~ Waikoloa, Hawaii inancing- ~,dministrative CFD r Process Continued... The County and/or its outside consultants will generally be .q responsible for: Yr •.'•Annually determine taxable vs. exempt property in the CFD °i ?Annually determine annual special tax requirements ?Annually apportion the special tax to various property categories •SAnnually prepare CFD special tax bills for direct bill or inclusion on the property tax bill 4-Collect and deposit special tax payments to the appropriate CFD fund •3Calculate arbitrage rebate requirements OR +Prepare the County's continuing disclosure obligation and filings Yr ?Instruct the trustee or fiscal agent to transfer monies one fund to another 1r ?Inspect and approve reimbursements to developer for completed CFD facilities 1i .R