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Form B-52 <br /> <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: Housing DATE: 6/27/2007 <br /> STAFF CONTACT: Rex Jitchaku PHONE: 961-8379 <br /> A. REQUEST: <br /> Request an amendment to the Capital Improvement Budget (Ord 07-83) to add an appropriation of <br /> $34,000,000 for Waikoloa Workforce Housing Project. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> The Waikoloa Workforce Housing Project (Kamakoa) is currently in the pre-development/design phase, with <br /> infrastructure construction expected to begin this summer. The total project is planned as a 1200-unit <br /> development, however current focus is on Phase 1, which will include a mix of for sale and rental units. <br /> Phase 1 is also planned to include a park area, a community center, day care center, parking and a future <br /> school site, all of which are intended for public use for residents of the Waikoloa area. <br /> The project herein requested will be for all of the public facilities and the related infrastructure, and will also <br /> include additional infrastructure so that rental prices can be maintained in the affordable range. This <br /> appropriation will initially be used to provide for pre-development costs of the project, part of Phase 1 <br /> infrastructure and one park, known as Phase 1-A. As Phase 1-A proceeds a Community Facilities District <br /> (CFD) will be formed and funds will be borrowed to complete Phase 1-B, which includes most remaining <br /> public community facilities. <br /> SIGNED: ~ ~ ~ DATE: ~ /p? 7 /47 <br /> Department ead <br /> <br />