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I OF of COUNTY OF HAWAII STATE OF HAWAII OF RESOLUTION NO. 522 !18 RESOLUTION ACCEPTING FINAL PAYMENT OF IN -LIEU FEES IN THE AMOUNT OF $50,000.00 BY KW KONA INVESTORS, LLC TO SATISFY CONDITION "B" OF ORDINANCE NO. 87-113 WHEREAS, KW KONA INVESTORS, LLC (KW KONA) is the owner of approximately 81.395 acres of land at Ka`upulehu, North Kona, Hawaii, covered by tax map key (3) 7-2-010:010 (Formerly 7-2-003: portions of 001 and 002); and WHEREAS, on October 28, 1987, Change of Zone Ordinance No. 87-113 became effective, by changing the district classification from Open (0) and Resort Hotel (V-3) to Resort Hotel (V-7); and WHEREAS, in accordance with an Affordable Housing Agreement dated February 18, 1988, the developer agreed to pay the County $100,000 in -lieu fees for the eight (8) required affordable housing units, at a rate of $12,500 per affordable housing unit; and WHEREAS, the developer paid $50,000 of the in -lieu fee, on February 4, 1988 and, with the Affordable Housing Agreement still in effect, has now submitted a check for the outstanding balance in the amount of $50,000 to fully satisfy Condition `B"; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that pursuant to the Agreement dated February 18, 1988, the County Council does hereby accept final payment of $50,000 by KW KONA INVESTORS, LLC, to satisfy Condition (B) of Ordinance No. 87-113 for the development of the fifty (50) additional hotel units.