COM 0465.002 2006-2008 - Laserfiche WebLink

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subdivision process and creates unpredictability and financial uncertainties at the sub- division application process. In fact many projects secure financial commitments to go forward based on entitlements obtained at the State Land Use andlor County Re-zoning process. Developers, like Castle & Cooke, proceed with planning and design and financial proformas and analysis of planned communities based on land use and zoning entitlements and conditions and exactions imposed at that time. The following recaps the Wehilani project's support of housing opportunities for the local market in Waikoloa Village in reliance upon existing State land use and County zoning and ordinances: • In 19b9, County of Hawaii by Ordinance No. 291 granted zoning for a master planned community at Waikoloa Village, which includes 300 acres set aside for affordable housing, Ordinance No. 291 covers the land under our Wehilani project. • On August 24, 2004, Castle & Cooke Hawaii sent a letter to Mayor Harry Kim to voluntarily commit 49 affordable for-sale (100% to 140% AMI), multi-family units. We saw the need for affordable housing and we voluntarily satisfied it. In addition, we committed to building these units in the first phase of development to address the immediate affordable housing need. On September 17, 2005, Castle & Cooke received a letter from Mayor Harry Kim acknowledging the 49 affordable condos as "all the affordable units given to Hawaii's people voluntarily." As of today, 52% of the homes delivered at Wehilani have been these affordable units. • On September 2, 2004, the County of Hawaii granted our Planned Unit Development Permit No. 72 (PUD 04-02). The PUD Permit encompasses the development of the entire 256-acre parcel and allowed Castle & Cooke to incorporate amenities like landscaped streets, preservation of open space, a park, and a wide range of home offerings for Hawaii Island residents and not the resort market. As such, Castle & Cooke proceeded with the master planning of the entire community, with each phase being subject to final subdivision (per phase and market.) • Castle & Cooke has proceeded with planning, design and substantial investment in developing the Wehilani project in justifiable reliance upon existing State land use and County zoning and ordinances, including our agreement with the County embodied in our PUD Permit. We are not able to incorporate a new affordable housing requirement without substantially affecting the design and financial feasibility of this project. • The homes we are developing are not intended for the resort market or for second home buyers. Our purpose is to build for Hawaii families and to provide a wide range of housing opportunities for them; a blend of single family and multi-family homes intended to meet market demands that ultimately results in a highly livable community. • If Bill 112 new affordable exaction were interpreted to apply to the Wehilani project at this late date, it would render the project infeasible, and we would not be able to complete and supply remaining homes and subdivision commitments and improvements. It would place in jeopardy the planned county park, road extension to Hulu Street, and STOP the development of the remaining 481 homes. • Bill 112 STOPS the further development of Wehilani at Waikoloa.