PD BACKGROUND REPORT (SLU-20-054)

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B. Proiect Timetable and Cost The applicant hopes to secure State Land Use Boundary Amendment and a 201 H zoning exception approval as soon as possible and begin development of the project. It is anticipated that funding applications will be submitted starting in fail of 2020 and continuing forward. Should the requested tax credits be approved in June 2021 construction of the first phase will commence in early 2022 and be completed by the end of 2023. The completion of the full project will be dependent on funding availability but is expected to be completed by 2024. Cost estimates are very preliminary as the availability of funding will determine the unit count and the mix of unit types. It is estimated that at full build out the project will cost $30 million to $40 million. IV. INSTITUTIONAL CONSIDERATIONS A. State Land Use The subject site is designated State Land Use Agriculture. Concurrently with this request, a State Land Use Boundary Amendment application is being submitted to change the SLU designation from Agriculture to Urban. Based on the size of the area of requested rezoning (9.091 acres), no State Land Use Commission action is required The County of Hawaii can process the rezoning request. A discussion of the extent to which the proposed reclassification conforms to the applicable district standards is required for the State Land Use Boundary Amendment and is Found in the Boundary Amendment application submitted concurrently with this application. B. County General Plan The County General Plan Land Use Pattern Allocation Guide ("LU PAG") map designates the subject site as Medium Density Urban. This designation identifies land for residential use with community and public uses, and neighborhood and convenience-type commercial uses; overall residential density may be up to thirty five (35) units per acre. 6