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<br /> II. PROJECT DESCRIPTION <br /> CFD No. 2006-1 is comprised of fow improvement areas: Improvement Area No. 1 ("IA No. <br /> 1 Improvement Area No. 2 ("IA No. 2"), Improvement Area No. 3 ("IA No. 3"), and <br /> Improvement Area No. 4 ("IA No. 4"). All descriptions and explanations contained in this <br /> Report refer to the entire CFD No. 2006-1 unless otherwise indicated. A brief description of <br /> each improvement area is included below. <br /> A. Improvement Area No. 1 <br /> IA No. 1 encompasses approximately 307.09 gross acres of land in the County of Hawaii. <br /> Of this acreage, approximately 86,77 acres are expected to be developed into uses subject <br /> to a special tax levy. At buildout, it is anticipated that the property within IA No. 1 will <br /> consist of approximately 252 single-family residential units and 26.54 acres of non- <br /> residential property. <br /> B. Improvement Area No. 2 <br /> IA No. 2 encompasses approximately 257.59 gross acres of land in the County of Hawaii. <br /> Of this acreage, approximately 49.30 acres are expected to be developed into uses subject <br /> to a special tax levy. At buildout, it is anticipated that the property within IA No. 2 will <br /> consist of approximately 414 single-family residential units. In addition, IA No. 2 will <br /> include 385 affordable units that will not be subject to the special tax. <br /> C. Improvement Area No. 3 <br /> IA No. 3 encompasses approximately 345.67 gross acres of land in the County of Hawaii. <br /> Of this acreage, approximately 113.11 acres are expected to be developed into uses subject <br /> to a special tax levy. At buildout, it is anticipated that the property within IA No. 3 will <br /> consist of approximately 490 single-family residential units. <br /> D. Improvement Area No. 4 <br /> IA No. 4 encompasses approximately 182.48 gross acres of land in the County of Hawaii. <br /> Of this acreage, approximately 58.41 acres are expected to be developed into uses subject <br /> to a special tax levy. At buildout, it is anticipated that the property within IA No. 4 will <br /> consist of approximately 511 single-family residential units and 1.59 acres of non- <br /> residential property. <br /> County ojHawaii December 18, 2006 <br /> CFD No. 1006-7 (The Villages ofAina Lea) Page 2 <br /> <br />