Laserfiche WebLink
REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: July 9, 2007 Re: Comm. No. SOS/Bill No. 123 <br /> PLACE: Council Chambers <br /> Hilo, Hawaii <br /> TIME: 9:41 a.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 123, reports as follows: <br /> Bill No. 123, transmitted by Director of Finance William Takaba, via Communication No. 505, dated June 28, <br /> <br /> 2007, authorizes the issuance of $40,000,000 general obligation bonds of the County of Hawaii for the purpose <br /> <br /> of funding costs of the Waikoloa Workforce Housing Project; fixing the form, denominations, and certain other <br /> details of such bonds and providing for their sale to the public; and authorizing the taking of other actions <br /> relating to the issuance and sale of the bonds. <br /> The Waikoloa Workforce Housing (Kamakoa) Project is currently in the pre-development/design phase, with <br /> infrastructure construction expected to begin this summer. The total project is planned as a 1,200-unit <br /> development, however current focus is on Phase 1, which will include a mix of for sale and rental units. Phase <br /> 1 is also planned to include a park area, a community center, day care center, parking and a future school site, <br /> 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 I <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 /> The County Council recently passed Ordinance 07-93, which added the Waikoloa Workforce Housing Pre- <br /> Development Project, for $6,000,000, to the Capital Improvement Budget for Fiscal Yeaz 2006-07. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 123, and recommends it pass <br /> first reading. <br /> la <br /> Hues NOES A&E Ex Respectfully submitted, <br /> FORD X <br /> xrcA x COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> IKEDA X <br /> JACOBSON X . <br /> NAEOLE X ~--'1 <br /> PILAGO x DOMINIC YAGON , C I <br /> YACOrvc X FC REPO NO. ~ ~ 1~2~8~ <br /> ~ <br /> YOSHIMOTO X ADOPTE JUL L ~ LUUt <br /> <br />