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The fair share contributions described above shall be adjusted annually beginning <br />three years after the effective date of the change of zone, based on the percentage <br />change in the Honolulu Consumer Price Index (HOPI). In lieu of paying the fair <br />share contribution, the applicant may construct and contribute <br />improvements/facilities related to parks and recreation, fire, police, solid waste <br />disposal facilities, and roads within the region impacted by the proposed <br />development, subject to the approval of the director. The cost of providing and <br />constructing the improvements required in Condition F shall be credited against <br />the sum specified in Condition P(5) for road and traffic improvements and <br />Condition O shall be credited against the sum specified in Condition P(1) for <br />parks and recreation. For purposes of administering Condition P, the fair market <br />value of land contributed or the cost of any improvements required or made in lieu <br />of the fair share contribution shall be subject to the review and approval of the <br />director, upon consultation with the appropriate agencies. <br />Q. In lieu of actual construction of infrastructural improvements as required under <br />Conditions E, F, H, J, and O, the applicant may enter into an agreement with the <br />County to assure the County that the infrastructural improvements will be <br />constructed together with the appropriate bond, surety, or other security deemed <br />acceptable by the Planning Director or appropriate agencies and approval by the <br />Corporation Counsel. Upon execution of such agreement and/or filing of the <br />security with the County, final subdivision approval for the subject property or <br />portions thereof shall be granted prior to the actual construction or required <br />infrastructural improvements. <br />In <br />