REP FC 087 2018/03/13 (2016-2018)

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REPORT OF THE COMMITTEE ON FINANCE DATE: March 13, 2018 Re: Comm. No. 785/Res. No. 520-18 PLACE: Council Chambers Hilo, Hawai`i TIME: 9:03 a.m. Council Chair and Members Hawai`i County Council Hilo, Hawai`i 96720 Your Committee on Finance, to which was referred Resolution No. 520-18, reports as follows: Resolution 520-18, transmitted by Finance Director Deanna S. Sako, via Communication No. 785 dated February 23, 2018, authorizes the payment of funds of a later fiscal year and of more than one fiscal year for a multi-year lease of real property for the County of Hawai`i Office of the Legislative Auditor. This resolution authorizes the Mayor to enter into a five-year lease agreement with New Kaiko`o Building, Inc., beginning May 1, 2018, with an option for a five-year extension, for space in the Bank of Hawai`i Building located at 120 Pauahi Street, Hilo. The expected cost of this lease is $1,838.20 per month. Council Member Herbert M. "Tim" Richards, III, stated it is his understanding that the Legislative Auditor will be moving from their current location, to which Bonnie Nims, Legislative Auditor, confirmed. Hamana Ventura, Property Manager also commented that this space is more convenient, and further added that the rent is comparable. Council Member Jennifer Ruggles asked about the current rent amount. Ms. Nims stated that the County is paying about$2,000 per month, of which approximately$1,930 is for rent and the remainder isfor the CAM (Common Area Maintenance) fee. Your Committee on Finance is in accord with the purpose and intent of Resolution No. 520-18, and recommends its adoption. drum AYES NOES ABS EX Respectfully submitted, CHUNG X DAVID x COMMITTEE ON FINANCE EOFF X KANUHA X LEE LOY X ��--, O'HARA X r." � POINDEXTER x AILE DAVID, ' ' ' RICHARDS X FC REPORT NO.: 87 RUGGLES X - ADOPTED: MAR 8 7 018