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Walammui.doc6/23/09 COUNTY OF HAWAII PLANNING DEPARTMENT BACKGROUND REPORT PALAMANUI GLOBAL HOLDINGS LLC CHANGE OF ZONE APPLICATION (REZ 05-10) PALAMANUI GLOBAL HOLDINGS LLC has submitted a request to amend various conditions in Ordinance No. 06 105 which rezoned 725.2 acres from Agricultural 3 -acre (A -3a) and Open (0) to a Project District. The property, which is referred to as the Palamanui Development, is located northeast of the Kona International Airport at Keahole, between the Queen Ka`ahumanu Highway and Makalei Estates Subdivision, Kau, North Kona, Hawaii, TMK: 7-2-5: Por. of 1. PROPOSED ACTION Request: The applicant requests amendments to Conditions D, G, N, Q, S, X, EE, PP, TT and LTU of Ordinance No. 06 105. (Planning Department Exhibit 1- Applicant's March 13, 2009 letter, June 2009 summary and supporting documents) 2. Reasons for the Request: 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 ATTACH: Calm. 495 Bill 137