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WHEREAS, on February 5, 2019 the Lessor and Lessee entered into an Option to <br /> Amend the Lease ("Option Lease"), and the Lessee provided written notice to the Lessor on <br /> April 4, 2020 that the Lessee intends to exercise its option to Lease in Section 1(a) to extend the <br /> Lease for seventy-five (75) years subject to council approval; and <br /> WHEREAS, for the duration of the Lease, the Lessee shall use said Premises solely as a <br /> rental housing facility for low income elderly housing and related uses in accordance with <br /> federal, state or county laws of such other elderly housing which is a"qualified low-income <br /> housing project", health care, nutrition programs, or support services for elderly residents <br /> including residents of rental units on premises; and <br /> WHEREAS,the Lessee's use of the Premises shall be operated and rented at rents to <br /> tenants with incomes that do not exceed the HUD Section 8 income admission limits at time of <br /> admission and Lessee shall conform to the rental ceiling established and as amended from time <br /> to time by the HUD in its administration of the Section 8 Rental Assistance Program (together <br /> with the admission limits, the "HAP Requirements") for the duration of the Lease; and <br /> WHEREAS, Chapter 2, Article 19, Section 2-120(a)(2), Hawaii County Code, as <br /> amended, provides that the County Council may direct the Finance Director to negotiate the <br /> disposition of real property by lease to affordable housing developers at such rentals and on such <br /> terms and conditions as deemed proper; and now, therefore <br /> BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, that the <br /> Finance Director is hereby authorized to negotiate a multi-year lease with PAPA'ALOA <br /> HOUSING, INC. for the purpose of rehabilitating and maintaining the existing rental housing <br /> apartment for senior citizens at a set lease rental amount of Ten Dollars ($10.00) per year. <br /> BE IT FURTHER RESOLVED that the Mayor of the County of Hawaii or his <br /> authorized representative is hereby authorized to execute the lease agreement and any other <br /> documents required to induce financing entities to provide funding for the project; and <br /> 2 <br />