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Form #: B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: Office of Housing and Community Dev. DATE: 3/21/14 !, <br /> STAFF CONTACT: Stephen Arnett PHONE: 961-8379 <br /> A. REQUEST: <br /> Please prepare a bill to amend Ordinance No. 13-66, as amended, Relating to Public Improvements and <br /> Financing Thereof for the Fiscal Year July 1, 2013 to June 30, 2014 to increase the appropriation for <br /> Kamakoa Nui Community Development (FY No. 2013079; Acct.110.499.5494.13) by$3,800,000 from <br /> $4,100,000 to $7,900,000. Funds shall be provided from General Obligation Bonds, Capital Projects Fund- <br /> Fund Balance and/or Other Sources. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> Kamakoa Nui provides workforce housing in the Waikoloa area. These affordable fee simple homes are for <br /> those earning between 80% and 140% of the average median income with preference given to first-time <br /> homeowners working within the specified radius. <br /> The first phase of Kamakoa Nui includes a total of 91 lots. As of March 18, 2014, 4 models have been <br /> constructed and 20 homes and 6 lots have been sold. Sales at Kamakoa Nui have been very active and <br /> buyers are now being wait listed for the next lots to be released. <br /> The Office of Housing and Community Development (OHCD) is requesting an additional appropriation to <br /> contract the construction of the remaining 45 homes in FY 2013-2014. Since time is of the essence, the <br /> OHCD also asks for a Finance Committee waiver. The OHCD believes it is in the County's best interest to <br /> keep the momentum of the project going and lock-in construction costs from future inflation. <br /> 4 <br /> SIGNED: 411 I DATE: 424 %9 <br /> ,��+,partment Head <br />