COM 0495.000 2008-2010 - Laserfiche WebLink

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The Honorable J Yoshimoto, Chairman and Members of the County Council Page 10 5. If the applicant should require an additional extension of time, the Planning Department shall submit the applicant's request to the County Council for appropriate action. Should any of the conditions not be met or substantially complied with in a timely fashion, the Planning Director may initiate rezoning of the subject area to its original or more appropriate designation." j. Delete Condition UU: "[The Planning Direeter RiEty permit an e3aensiefi ef the six year time limif to eamplete ._ ad -4" in GRnd_4*Rn X. 10, pres,ided that the requirements e eempletion ef an), building, inekiding sifigle family residential buildiHgs, OtheF thafi the University building ar the DOE building.]" The non-performance is the result of conditions that could not have been foreseen or are beyond the control of the applicant, successors or assigns, and are not the result of their fault or negligence. Comprising approximately 725.224 acres, the Palamanui Project area was reclassified from the Agricultural (A -3a) and Open district to Project District under Ordinance No. 06 105. Various conditions under Ordinance No. 06 105 required the applicant to assist the University of Hawaii in establishing the West Hawaii Center on the adjacent parcel to the south of the subject site. Improvements required under the conditions include the construction of the first University building, roads, public water, electrical and waterline improvements to support the University. The applicant states that financing for the project was dependent on a strong demand for residential units; however, with changes in economic conditions, the financing of the initial phases of the project became unavailable. In the absence of funds, the applicant seeks to proceed with the commercial and residential component of the project to generate the necessary cash flow to support the initial financing. The applicant further states that "some of the conditions intended as security for performance of conditions have impaired its ability to obtain financing." Amendments to the requirements will allow the applicant to proceed with the project as well as to support the University. The Planning Director supports the amendments requested by the applicant, with the exception to proposed new Condition X 13, for the request to include the amount of $10,000,000 as a bonding requirement for Road "4". The Director recommends that the existing wording be retained without the dollar