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• <br /> REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: March 13, 2018 Re: Comm. No. 782/Res. No. 519-18 <br /> PLACE: Council Chambers <br /> Hilo, Hawai`i <br /> TIME: 9:03 a.m. <br /> Council Chair and Members <br /> Hawai`i County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Resolution No. 519-18, reports as follows: <br /> Resolution 519-18, transmitted by Finance Director Deanna S. Sako, via Communication No. 782 dated <br /> February 23, 2018, accepts payment of in-lieu fee in the amount of$23,600 by Wainani 42 LLC, to <br /> partially satisfy Condition"L" of Ordinance No. 98-66. <br /> This resolution partially satisfies the affordable housing requirement for the development of 50 units for <br /> Phase II of this development project, located at Puapua'a 1st and 2"d, North Kona, covered by Tax Map <br /> Key: 7-3-010:027. <br /> Neil Gyotoku, Housing Administrator, gave a brief explanation of the resolution. Mr. Gyotoku stated <br /> the $23,600 is the second part of the in-lieu fee agreement with Wainani 42 LLC. This development is <br /> located on the bottom portion of Ka`iminani in Kailua-Kona. <br /> Council Member Dru Kanuha asked how long it would take to satisfy all the in-lieu fees. Mr. Gyotoku <br /> responded that this is the second payment of the second phase. Wainani 42 LLC has the potential of <br /> developing ninety-one (91) more units. Payment is made after every increment. <br /> Council Member Karen Eoff asked Mr. Gyotoku how the money being paid helps to build more <br /> affordable housing. Mr. Gyotoku stated that the check provided to the Office of Housing, through this <br /> resolution, is put into the Housing Revolving fund, which is deposited and can be used for any housing <br /> project within a twenty-five (25) mile radius of Wainani 42. He also stated it could be used for other <br /> projects to be developed or improve existing projects around that area. <br /> Your Committee on Finance is in accord with the purpose and intent of Resolution No. 519-18, and <br /> recommends its adoption. <br /> dmm <br /> AYES NOES ABS EX Respectfully submitted, <br /> CHUNG X <br /> DAVID X COMMITTEE ON FINANCE <br /> EOFF X <br /> KANUHA X <br /> LEE LOY X <br /> O'HARA X / i;� N■r/a <br /> POINDEXTER x AILE DA • D, CHAIR <br /> RICHARDS X FC REPORT NO.: 86 <br /> RUGGLES x ADOPTED: MAR 2 8 ZO18 <br /> • <br />