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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> <br /> DATE: September 18, 2007 Re: Comm. No. 654/Bill No. 172 <br /> <br /> PLACE: Sheraton Keauhou Bay Resort & Spa <br /> 78-128 `Ehukai Street <br /> Kailua-Kona, Hawaii <br /> <br /> TIME: 10:33 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. 172, reports as follows: <br /> <br /> Bill No. 172, transmitted by Finance Director William Takaba, via Communication No. 654, <br /> dated August 29, 2007, amends Chapter 19, Article 1, Section 19-53(a) of the Hawaii County <br /> Code 1983 (2005 Edition), Real Property Taxes, relating to Real Property Tax Valuations. <br /> The purpose of this measure is to amend Section 19-53(a) to provide for special consideration in <br /> determining the values of properties in the Waikoloa Workforce Housing Project, due to its <br /> unique characteristics. <br /> The Waikoloa Workforce Housing project is a County supported housing project created using a <br /> land trust model and including certain restrictions designed to maintain perpetual affordability. <br /> Mazket data and cost approaches, which incorporate compazison with the surrounding Waikoloa <br /> area will not be appropriate for this project, so special valuation consideration is requested. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 172, and <br /> recommends it pass first reading. <br /> la <br /> AYES NOES A&E EX Respectfully submitted, <br /> FORD X <br /> HIGA X COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> IKEDA X <br /> JACOBSON X <br /> NAEOLE X <br /> P[LAGO X BOB COBSON, VICE-CHAIR <br /> YAGONG X FC REPORT NO. 174 <br /> YOSHIMOTO X ADOPTED: OCT O ~ 2007 <br /> <br />