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C L G~a•«;ie ~aea ~1 (`iitY 2 Pf'i S <br /> P.O. Box 690 <br /> Na alehu, HI 96772 <br /> 808-929-8364 <br /> ruthmariebass cr yahoo.com <br /> May 2, 2007 <br /> Dear Cout~cilmember, <br /> A pervasive naivete has made Ka u ripe for plundering. A couple of <br /> real a>t< agents claimin to represent developers, for redevelopment of <br /> Punah.a'u ~»ith two hotels and 1000 expensive housing units, have enlisted a <br /> handf al of good local folks to try and push through the permitting. Once the <br /> pe~Yru~xi;;~ upgrade is through, these two real estate agents will bundle up <br /> their profits (if they can resell the new package) and be long gone. There <br /> will nc~t l;a: a single hammer lifted in new construction. Why? The mazket is <br /> in a dounwazd spiral. (Check out the latest on sub-prime loan foreclosures, <br /> thy: decline in housing starts and overall economic impact.) So, why all the <br /> fuss'? 1 ht: stewards of the aina have an ethical duty to stand vigilant and <br /> alcit J:rn• :any potential threat. But, these two real estate agents have already <br /> said thsi: no hotel wants to situate near a black sand beach. (There's no <br /> m,n;icet lirr it.) These agents iust need the local supaort to uiJgrade the <br /> ~rrits, then their "prospecting" in ICa'u is done. And what did it cost <br /> Ka' i? A, community vehemently divided; loss of an enlarged County 5 <br /> Comm. No. ~Q. <br /> Ref. To: F C~ <br /> Ref. mate NAY 0 2 2007 <br /> <br /> t'd b9E8-6Z6-a08 sseg ac~eW yznb dgz:z0 LO ZO FeW <br /> <br />