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COUNTY OF HAWAI' I STATE OF HAWAI' I RESOLUTION NO. '~~9 08 RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO NEGOTIATE A SEVENTY-FIVE YEAR LEASE WITH THE HAWAII ISLAND COMMUNITY DEVELOPMENT CORPORATION FOR THE PURPOSE OF DEVELOPMENT OF SENIOR HOUSING AT A SET LEASE RENTAL AMOUNT OF $10.00 PER YEAR. WHEREAS, at its February 22, 2008, meeting, the Board of Land and Natural Resources approved the requested set-aside of the parcel located at Tax Map Key 3/2-4-001: portion of 168 ("Parcel") for the development of affordable senior housing by the Hawaii Island Community Development Corporation ("HICDC"); and WHEREAS, the Governor of the State of Hawaii then authorized, by Executive Order Number 4224, management of the Parcel to the County of Hawaii for the intended use as indicated therein; and WHEREAS, Chapter 2, Article 19, Section 2-120(a)(2), Hawaii County Code, as amended, provides that the County Council may direct the Finance Director to negotiate the disposition of real property by lease to non-profit organizations at such rentals and on such terms and conditions as deemed proper without notice or appraisal; and WHEREAS, the Office of Housing and Community Development has determined that the HICDC is a non-profit affordable housing developer with extensive experience in the development of subsidized senior housing; and WHEREAS, the County desires HICDC to develop affordable senior housing on the Parcel; and WHEREAS, HICDC will be required to complete a satisfactory environmental assessment before a lease will be executed for the Parcel.