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the annual rental rates set forth in Exhibit 1, with an option to extend for an additional term <br /> of ten(10) years; and <br /> WHEREAS,the Prince Kuhio Plaza, LLC has agreed to lease the space identified <br /> above to the County for an initial term of ten(10) years and six (6) months at the annual <br /> rental rates set forth in Exhibit 1, with an option to extend for an additional term of ten(10) <br /> years, subject to the approval of the Department of Hawaiian Homelands; and <br /> WHEREAS, Section 10-11 of the County Charter requires that any contract, lease <br /> or other obligation requiring payment of funds from the appropriations of a later fiscal year <br /> or of more than one fiscal year be approved by resolution; now, therefore, <br /> BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII <br /> that the Mayor is hereby authorized to enter into a lease for approximately 39,525 square <br /> feet of office/warehouse space in the Prince Kuhio Plaza, identified as Space No. 300J, <br /> located at Hilo, Hawaii 96720, bearing Tax Map Key No. (3)2-2-047:006, for general <br /> office use and related services, along with certain parking stalls from Prince Kuhio Plaza, <br /> LLC for an initial term of ten(10) years and six (6) months at the annual rental rates set <br /> forth in Exhibit 1, with an option to extend for an additional term of ten(10) years. <br /> BE IT FURTHER RESOLVED BY THE COUNCIL OF THE COUNTY OF <br /> HAWAII that sufficient funds be budgeted in future fiscal years to cover the anticipated <br /> obligations of the County under the terms of the lease. <br />