2021-07-15 Leeward Exh D (Amend SMA 286)

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VITOUSEK: I do, it was a decrease in condo sales of 11 percent and a decrease of residential sales of 10 percent from the MLS FUKE: Thank you very much. VITOUSEK: although it was immediate rebound in 2019, with an increase in condo sales of eight percent and an increase of residential 13 percent. So, to me, it's an indication that there is, this eruption was not a factor in their decision not to build, in terms of actual results of the eruption. FUKE: Well, I would think like normally, you know, Mr. Chairman, I think, normally—so you defer because, and then you want to get started; to get restarted, you actually have to have construction plans prepared, and they weren't in the position to submit any plans for building permit. But I think that if the way you cited, that there was a rebound in the market and you already have your building permit, I think construction would probably have occurred. VITOUSEK: And in this case, we are not getting to the point of permits; we are just, the simple process, more simple process anyway, of Plan Approval. You know, continuing onto the list of, of reasons that are being given as factors outside their control is COVID-19 pandemic. Do you guys have statistics on the changes in the market that resulted from the COVID-19 pandemic? FUKE: No, I don't have any specific statistics; it was, again, it was more like intuitive. VITOUSEK: Well, that, so 2020 there was a decline in condo sales of 14 percent and increase in residential sales of nine percent, and year to date 2021, there is an increase in condo sales of 143 percent and increase in residential sales of 57 percent. FUKE: I will not dispute your numbers, Chair. VITOUSEK: Statistics. So, I mean, do we agree that we are in one of the most robust sales periods in history of Big Island? FUKE: I don't know if(indiscernible–broken connection) but I'm sure that there have been, the island has gone like many cycles, and this is kind of like one of those cycles. VITOUSEK: Yep. FUKE: But ironically, like where you have the real estate, you know, ups and downs, what's funny is like the automobile industry is a little bit kind of like screwy right now, you know, because of the shortage on the chips. So that's kind of unprecedented, as opposed to like real estate. VITOUSEK: So, you know, given that the stated factors are not truly detrimental to the construction of this project, what indications can the developer give to us that they are in a financial position now to complete this project? 16 EXHIBIT D