Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> Requirements)." <br /> (Exhibit 1 - Applicant's letter dated November 5, 2008 and attachments) <br /> <br /> 2. Reasons for the request: The applicant states "the recent global, national and local <br /> economic picture has undergone historic changes, which has proved even more significant <br /> <br /> for the real estate development business. As a result of these events, the project funding <br /> sources have decided to temporarily hold-off on firm commitments, thus preventing the <br /> <br /> applicant from securing the financing necessary to obtain Final Plan Approval and payment <br /> of the fair share contributions under Ordinance Nos. 06 137 and 06 138." The applicant <br /> <br /> anticipates that the financial markets will stabilize in the near term, allowing them to <br /> continue with the development of the project. <br /> <br /> ADDITIONAL INFORMATION <br /> 3. Chronology: Although the former applicant obtained Final Plan Approval of the original <br /> <br /> project on June 2, 1993 and commenced construction through work within the County <br /> right-of-way for sewer improvements in September 2000 and grading work in January <br /> <br /> 2002, the development has since been abandoned. Following the February, 2005 purchase <br /> of the property by the current applicant, the original project concept of a <br /> <br /> commercial/multiple-family residential development has been amended by deleting the <br /> commercial component and proposing approximately 146 multiple-family residential units. <br /> <br /> The Kumalani project also includes lands rezoned in Ordinance No. 90 010. As a result of <br /> the consolidation of the prior parcels into the current parcel (TMK: 7-5-10: 13) consisting <br /> <br /> of approximately 6.563 acres, Ordinance No. 95 118 (formerly Ordinance No. 92 36) and <br /> <br /> Ordinance No. 90 010 (formerly Ordinance No. 86 49) are considered a consolidated <br /> project with similar time-related conditions. Currently, Ordinance Nos. 06 137 and 06 <br /> <br /> 138 cover the project area. <br /> 4. Ordinance No. 06 137: <br /> <br /> • April 24, 1992: Effective date of Ordinance No. 92 36 which amended the district <br /> classification for 3.224 acres from Unplanned (U) to Multiple-Family Residential <br /> <br /> (RM-2.5) and 2.296 acres from Double Family Residential (RD-3.75) to Village <br /> Commercial (CV-7.5) to allow the construction of a commercial and multiple- <br /> <br /> <br /> -2- <br />