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Christopher J. Yuen November 5, 2008 Page 2 accordance with the requirements of Planning Department's Rule No. 17 (Landscaping Requirements). The subject Ordinances require the Applicant to receive Final Plan Approval for the proposed development by November 8, 2008, and the construction of the project was required to be completed within five (5) years, or by November 8, 2011. We request a time extension to Condition C of both Ordinances to allow the Applicant two (2) additional years to obtain Final Plan Approval until November 8, 2010, and the additional five (5) years to complete construction by November 8, 2016. 1. Request for Time Extension As you know, the recent global, national and local economic picture has undergone historic changes, which has proved even more significant for the real estate development business. As a result of these events, the Project funding sources have decided to temporarily hold-off on firm commitments, thus preventing us from securing the financing necessary to obtain Final Plan Approval and payment of the fair share contributions under Change of Zone Ordinance Nos. 06-137 and 06-138. We anticipate that the financial market will stabilize in the near term, which would allow us to continue with the development of this much needed residential project in Kona. In the meantime, we ask for your favorable consideration in granting our request for a time extension. II. Compliance with Conditions of Approval for Ordinance No. 06-137 and Ordinance No. 06-138 Condition A: The applicant, successors, or assigns shall be responsible for complying with all of the stated conditions of approval. Response: Applicant will comply with the foregoing condition. Condition B: The required water commitment payment shall be submitted to the Department of Water Supply in accordance with its "Water Commitment Guidelines Policy" within ninety (90) days from the effective date of this amendment. Response: On February 7, 2007, the Department of Water Supply acknowledged the existence of 28 water commitments and requested payment of $3,300.00 for the additional 22 units of water for a total of 50 units, which was paid on February 28, 2007. On March 29, 2007, the Planning Department confirmed payment and compliance with Condition B of Change of Zone Ordinance Nos. 06-137 and 06-138. Condition C: Construction of the proposed development shall be completed within five (5) years from the effective date of this amendment. Prior to construction, the applicant, successors or assigns shall secure Final Plan Approval for the amended proposed development from the Planning Director in accordance with Section 25-2-70, Chapter 25 (Zoning Code), Hawaii County Code within two (2) years from the effective date of this amendment. Plans shall identify all