2020-01-16 Leeward Exh B (REZ 19-237, SMA 19-073 & SMA 379)

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LINGER: On the recommendation by the Planning Department,they alluded to four million dollars' worth of improvements for this six-lot subdivision. That just seems high to me. Where MOOERS: No,that's, unfortunately, that's pretty accurate. I UNGER: Where is this MOOERS: I assembled that by using Belt Collins Associates to give us some engineering studies for things, water improvement, underground utilities, drainage basins, intersection improvements UNGER: So it's not MOOERS: Yeah, I wish, I wish it were high UNGER: —it's not a typo? MOOERS: No. No, I wish it were, but that's, that's accurate. CARR SMITH: What is the applicant's plan for the property? Speculation or MOOERS: Well, Dr. Myhrvold has owned the property for 21 years, and if he were a developer or speculator, he would have developed it when it was 50 lots and RS-15. His goal is to build on Lot 1. He has two boys that both finished their PhDs at Harvard this year. He's hoping that they would build on possibly Lots 2 and 3. But I can't commit to that. And I don't mind giving the information, but I don't want to imply that that's necessarily going to happen because land is a commodity. But I can say, and if you want to google Dr. Myhrvold, you'll see, that he's not a land developer, he is a scientist. Interesting gentleman, but his plan initially is to build on Lot 1 for himself, trying to recover some of his investments on the other, but in all likelihood he'll never recover his investment because of the density that he purchased and the density he is proposing, you know. Just as an aside, my market analysis says that these lots might be worth a million and a half. He paid eleven and a half, I think, is what the public record says on this, for the property, so CARR SMITH: Kohala Kai right next door has not been able to sell a single lot, so it's MOOERS: Right, and they are listing it four and five million CARR SMITH: Right. MOOERS: which, you know, is not a realistic market. So, it's not,this is not a developer seeking to speculate and try to make grand; this is a gentleman who fell in love with the property, bought it 21 years ago, and hoping to build his home on Lot 1, and then recover as much of his investment as he can on the other lots. But, if he decides to sell it, you know, he certainly has that right,too. But this is not somebody who's coming quickly and trying to flip 12 EXHIBIT B