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32 - - -, but that done, we could have done it. But at this time, as time - - - development- - - Spring
<br /> Capital interest and probably going to be taking over the project and acquiring - - -. So they are, our
<br /> agreement with them is - - - little under seven million dollars - - -trying to get something we felt like
<br /> the community needed back in 2005, and we feel like it would be - - -. If you all want to make
<br /> different changes on plans that'll be more neighborhood-friendly as far as walking path - - -where
<br /> the 40-foot channel is going - - -the shops, you could put in a walkway, ten-foot wide concrete
<br /> walkway - - -the new developer can work with the County Planning Department and - - - some of
<br /> these issues, but if they have to go back - - -new process, it's, I don't know, it's very difficult.
<br /> Anyway, I'd like to hand it over to Ken Van Bergen representing Spring Capital - - -
<br /> CARR
<br /> - -CARR SMITH: Thank you, Mr. Cook. Thank you.
<br /> VAN BERGEN: Aloha, Commissioners and Chair, nice to see you today. As was mentioned back
<br /> in February and earlier at this meeting, you know,the property is for sale. It, I view it as a strength,
<br /> although Brian is a very accomplished developer and has many successes through his own rights
<br /> CARR SMITH: Ken, Ken, could you be a little closer to your microphone,please? Your computer?
<br /> It's thank you.
<br /> VAN BERGEN: You are not hearing me
<br /> CARR SMITH: Thank you, that's better, thanks.
<br /> VAN BERGEN: All right, sure. So, you know, I view this sale as a positive for this development,
<br /> because as I was saying Brian is a very, you know, accomplished successful developer, but Spring
<br /> Capital is even more accomplished, and it is a bigger entity. I shared with you back in February
<br /> three pages, some of their developments over the,you know, past two decades, we had five states,
<br /> over 30 development projects,just showing Big Island alone, we've been on the Big Island for
<br /> 25 years, over 100 million dollars in developments that were done. Someone maybe, you know,
<br /> someone at Planning maybe went out and looked at some of their projects, Maula Lani projects,
<br /> Kuki`o projects, they are currently developing a very large storage facility just above Costco here in
<br /> Kona. And so they've been invested in this community for, for a long time, and - - -to continue
<br /> that, you know, with this project. I think as far as what's actually been built, you know, they
<br /> inherited a lot of Brian's designs, which Brian put a lot of effort into and Brian did a good job with,
<br /> but they are not, you know, glued to that, if the Planning Commission or Council, you know, has
<br /> more requirements for affordable housing and walkways, and so forth. We've got a solid track
<br /> record in developing. They don't buy land to hold it; they buy land to build. And you are not going
<br /> to find another scenario where you have a more willing, able developer, with the kind of resources
<br /> into a project like this that will get done. So I, it's definitely a strength in the reality of situation, you
<br /> folks can see that. And I'm here to answer any questions you may have. My history with Spring
<br /> Capital goes back to 2006 and 7 when I worked for Maryl Group as development manager in South
<br /> Kohala on several projects, and so I can speak with experience that they are well qualified to fulfill
<br /> requirements and to build the project like this. Thanks.
<br /> CARR SMITH: Okay, thank you. Commissioners, do you have questions? Max.
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<br /> EXHIBIT D
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