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<br /> III, DESCRIPTION AND ESTIMATED COST OF PROPOSED FACILITIES
<br /> A. Description of Proposed Public Improvements
<br /> A community facilities district may provide for the purchase, construction, installation,
<br /> expansion, improvement, or rehabilitation of any real or tangible property with a useful life
<br /> estimated by the Council to be five (5) years or longer. In addition, a community facilities
<br /> district may pay in full all amounts necessary to eliminate or reduce any fixed assessment
<br /> liens or to repay or defease, in whole or in part, any indebtedness secured by any tax, fee,
<br /> charge, or assessment levied within the area of the community facilities district or may pay
<br /> debt service on that indebtedness.
<br /> The facilities described in this Report are all facilities which the legislative body creating
<br /> CFD No. 2006-1 is authorized to own, construct, or finance, and which are required, in
<br /> part, to adequately meet the needs of CFD No. 2006-1. The actual facilities described
<br /> herein are those currently expected to be required to adequately meet, in part, the needs of
<br /> CFD No. 2006-1. Because the actual needs of CFD No. 2006-1 arising as development
<br /> progresses therein may differ from those currently anticipated, CFD No. 2006-1 reserves
<br /> the right to modify the actual facilities proposed herein to the extent CFD No. 2006-1
<br /> deems necessary, in its sole discretion to meet those needs. The Special Taxest required
<br /> from each improvement area to pay for the construction or financing of said facilities will
<br /> be apportioned as described in the Rate and Method of Apportionment of the Special Tax
<br /> for each improvement azea within CFD No. 2006-1.
<br /> B. Estimated Cost of Proposed Bond Financed Public Improvements
<br /> The types of facilities proposed to be financed by CFD No. 2006-1 are described below:
<br /> • Roadway and roadway improvements, including utilities, curb and gutter, lighting,
<br /> sidewalks, irrigation, landscaping, traffic control and signalization, design,
<br /> engineering, permitting, grading, and demolition, and any and a]] appurtenant
<br /> facilities relating to the foregoing. These roadway and roadway improvements will
<br /> include a mauka-makai road which will connect to, among other things, the
<br /> affordable housing, recreational and commercial portions of the project which will
<br /> benefit the region and which will also serve as emergency egress for Waikoloa
<br /> Village to the Queen Kaahumanu Highway. Street improvements, including traffic
<br /> mitigation measures required as a consequence of the development of the ]and in
<br /> CFD No. 2006-1, including, but not limited to, two intersections at the Queen
<br /> Ka'ahumanu Highway.
<br /> • Wastewater improvements including survey, design, engineering, all costs of site
<br /> acquisition, planning, engineering legal services, materials testing, coordination,
<br /> ~ All capitalized terms used herein, unless otherwise indicated, shall have the meanings defined in the applicable
<br /> Rate and Method of Apportionment.
<br /> County of Hawaii Decemher 18, 2006
<br /> CFD No. 2006-1 (The Villages ofAina Lea) P°ge 3
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