COM 0495.000 2008-2010 - Laserfiche WebLink

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The Honorable J Yoshimoto, Chairman and Members of the County Council Page 2 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 current economic conditions have stalled the planned financing for the initial phases of the project, as the financing was dependent on a strong market for residential units. The lack of demand has necessitated the applicant to move forward with the commercial and residential component to generate the necessary cash flow for the initial financing of the project. 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. In summary, further referenced below, the applicant states/requests: • Changes in acreages to reflect the 29.92 -acre portion of the property to be rezoned from Project District to the Industrial -Commercial Mixed district. • Construction of the initial road ("Road IA") will be completed prior to issuance of a Certificate of Occupancy for any building within Palamanui. • Roads to be designated Roads 113, IC, 3A and 5 will be completed as the project develops. • Remove the restriction to connect Road IC to Makalei Drive until Road 4 is constructed. • Road 2 will be completed before occupancy of the first single-family residential unit. • Road 4 - modify bonding requirement, add a provision to continue preparatory work for Road 4, including acquisition of right-of-way and procuring the centerline of Road 4. Construct Road 4 on the earlier of a) when the County has the right-of-way for Road 4 and when the applicant receives the 600'h single-family residential permit; or (b) when third party funding is provided for at least 50% of the construction cost for the segment of Road 4 located on private property and after the applicant