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this landowner and this developer has done, he's done like a whole bunch of stuff: He's already
<br /> addressed and completed the affordable housing requirement; he's already paid for the fair-share
<br /> requirement; he's already done, you know, like, through SHPD's cooperation, a lot of these
<br /> archaeological mitigation activities. And when you look at like other developers or other
<br /> applications who've come in for requests, you ask yourself, have they come to this level? You
<br /> know, it, to me, was really obvious that if it weren't for this peculiar situation of the possible
<br /> developer falling out, this project would be a reality today; there would be no need for a time
<br /> extension. But, you know, if you didn't have any sincerity and wanted to have the project go,
<br /> you know, like, develop the project and basically spend it up, you wouldn't do all of these things;
<br /> you would pass it on to the next buyer. So, that's my only, I guess, response to your question,
<br /> Commissioner Vitousek.
<br /> CARR SMITH: That's a good point, Sid. When I read through the background, I was actually
<br /> impressed by the number of things that the developer had taken care of already. So, is there
<br /> another financial partner in place, or no?
<br /> FUKE: They were in discussion, but everything is fluid right now because of the COVID-19
<br /> issue, and the question becomes now whether the model that was originally thought of by, you
<br /> know, with the Aman, you know, representatives, whether that model currently works today
<br /> becomes very questionable. So
<br /> CARR SMITH: Right.
<br /> FUKE: you know, given the Multiple-Family zoning, they may want to do like triplexes or
<br /> four-plexes or, you know, those kind of thing just to reduce the construction costs. But a lot is
<br /> going to depend on what is going to be the ultimate market.
<br /> CARR SMITH: Understood. Max, go ahead.
<br /> NEWBERG: I just wanted to enter into this discussion. I do appreciate what the developer has
<br /> done up to this point, and to make sure I'm on the same timeline as well, I believe after the
<br /> archaeological approvals, the entryway into this development was at least developed; the egress
<br /> off of the bypass road was made up the hill and things of that nature. I do appreciate that fact. I
<br /> also appreciate how it's been downsized to 29 single-family plots, which seems a little bit more
<br /> applicable looking at the archaeological demands. And also, realizing that not each development
<br /> is apples to apples, I also see the developments in that near area, such as Holua Kai, moving
<br /> forward with their development at that same timeline. Again, different area, different challenges,
<br /> yet we went through a full construction cycle of good times and good, relatively good economic
<br /> situation. To make that statement, I, I would like to somehow, moving forward, have a, a good
<br /> way of approaching these, because every development is different, every challenge of every site
<br /> is different. I'm not saying that I'm on the fence, but I do want to make sure that we're
<br /> approaching all of these applicants in a fair manner as to extending these time extensions. I just
<br /> wanted to make that statement.
<br /> CARR SMITH: Thank you, Max. Perry, go ahead.
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<br /> EXHIBIT B
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