REP FC 356 11/06/2008 2006-2008 - Laserfiche WebLink

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REPORT OF THE COMMITTEE ON FINANCE DATE: November 6, 2008 PLACE: Sheraton Keauhou Bay Resort & Hotel 78-128 `Ehukai Street Kailua-Kona, Hawaii TIME: 1:33 p.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Re: Comm. No. 1530/Bill No. 388 Your Committee on Finance, to which was referred Bill No. 388, reports as follows: Bill No. 388, transmitted by Director of Finance William Takaba, via Communication No. 1530, dated October 16, 2008, amends Ordinance No. 08-79, as amended, the Capital Budget, ending June 30, 2009, by adding the following project: PLANNING: Waikoloa Connector Roads 110.399.5394.69 $350,000 Funds for this appropriation increase shall be provided from: General Obligation Bonds, Capital Projects Fund - $350,000 Fund Balance and/or Other Sources The objective of this appropriation is to study the feasibility to use a Community Facilities District (CFD) to finance the construction of a connector road from Waikoloa Village to Queen Ka`ahumanu Highway. A portion of the appropriation in the amount of $35,000 will be used to complete the CFD feasibility study for this connector road. If the results are feasible, additional allotments from this appropriation would be requested to fund the creation of the CFD, with the possibility that all or a portion of the formation costs advanced by the County would be reimbursed by the CFD and/or developers. Increasing congestion, public safety concerns for efficient evacuation, and proposed developments such as the County's affordable housing project, has created a need for an alternate access road in the Waikoloa Village. A CFD has the potential to accelerate the construction of this road and to allocate a proportionate share of those costs among existing residents and new development. Pursuant to Section 10-6(d), Hawai`i County Charter, the Council may amend the Capital Budget for that year with atwo-thirds vote. There was no discussion on this measure. FC REPORT NO. 356