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Castle & Cooke Hawaii Fax~8085482980 Rug 17 2007 14 3:. F. Oa subdivision process and creates unpredictability and financial uncertainties at the. sub- division application process. In fact many projects secure financial commitments to ga forward based nn entitlements obtained at the State band Use and/or County Re-zoni tg prxess. Developers, like Castle & Cooke, proceed with planning and des,gtt and Fnancia! proformas and analysis of planned communities based on land use and zoning entitlements and conditions and exactions imposed at that lime. The following recaps the Wehilani project's support of housing opportunines for the local market in R'aikoloa ~~illage in reliance upon existing State land use and County zoni;ig and ordinances: • In 1969, County of Hawaii by Ordinance No. 291 granted coning for a master planned community at Waikoloa village, which includes 3UU acres set aside f;,r affordable housine. Ordinance No. 291 covers the land under our Wehilani project. • On August 24, 2004, Castle & Cooke Hawaii sent a letter to Mayor Harry Kirn to voluntarily commit 49 affordable for-sale (l0U% to 14U% AIvII), 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 firs[ phase of developn;e.n: to address the immediate affordable housing need. On September 17, 2009, Caste & Cooke teccivc:d a letter from IVlayor Harry Kim acknowledging the 49 affordable condos as "all the affordable units given to Flawaii's people voluntarily." As of today, 52% of the homes delivered at Wehilani have been [here affordable ua`ts. • 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 pax1:, and a wide range of home offerings for Hawaii Island residents and not the re rort market. As such, Castle & Cooke proeezdzd with the master planning of the entirz community, with each phase being subjeta to final subdivision (per pha~.e and market) • Castle & Coo}te has proceeded with planning, design and substantial investment in developing the Wehilani project injustifiable reliance upon existing State land use and County zoning and ordinances, including our agreement with the Cou-.rty Embodied in our PUD Permit. We are not able to incorporate a new affordabh: housing requirement without substantially affecting the design and financial feasibility of L7is project. • The homes we are developing are not intended for the resort market or for sec.>nd home buyers. Our puzpose 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 liv able communrty. • If $ill 1 IZ new affordable exaction were infcrpretcd to apply to the Wehilani project at this late date, it would tender the projeet infeasible, and we would n x he able to complete and supply remaining homes and subdivision commitments and improvements. It would place in jeopardy the planned county park, road extensiun to Ilulu Street, and STOP the dcvclopmetn of the remaining 481 hot~tes. • $ill 112 STOPS the further dcvclopment of Wehilani ut Waikoloa.