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situated mauka of the King's Trail. The approval also allowed the incremental <br /> development of the mauka area with the provision that there be an 800-foot setback from <br /> Queen Ka`ahumanu Highway,with a meandering boundary to be defined by the <br /> petitioner, and the resulting area preserved in perpetuity through a conservation <br /> easement. (Planning Department Exhibit 6—LUC Docket No.A89-637) <br /> 10. August 15, 1991: Planning Commission approves an amendment to SMA 25 to allow for <br /> a reduction in the total number of residential units permitted within the Waikoloa Beach <br /> Resort complex from 3,430 to 3,365 units, a reduction of 65 units or 1.9%. The <br /> amendment also permitted the construction of two (2) additional golf courses and related <br /> improvements. <br /> 11. November 18, 1991: Effective Date of Ordinance No. 91-112 that rezoned the mauka <br /> area of the resort complex (encompassing all of the subject properties proposed to be <br /> withdrawn from SMA No. 25) from Unplanned to Multiple-Family Residential (RM-4, <br /> RM-6, RM-8), Village Commercial (CV-10), Limited Industrial (ML-20) and Open. <br /> 12. January 29, 1993: Planning Director issues Final Plan Approval for the golf course <br /> located on what is now the `Ainamalu property to the north (`Ainamalu Course)in <br /> compliance with the requirements of Condition 11 of SMA 25. <br /> 13. November 26, 1993: As provided for by Condition No. 27 of SMA 25, Planning Director <br /> grants the applicant an administrative extension of time until January 29, 1995 in which <br /> to commence construction of the `Ainamalu Course and related improvements as <br /> required by Condition No. 12. The original deadline to commence construction was <br /> January 29, 1994. The applicant indicated that the administrative time extension was <br /> needed due to "current market conditions and the difficulty in obtaining financing for <br /> developments of this nature". <br /> 14. January 26, 1995: Applicant commences construction of the `Ainamalu Course in partial <br /> satisfaction of the requirements of Condition No. 12,which also requires the applicant to <br /> complete construction of the golf course within three (3)years of commencing <br /> construction, or by January 26, 1998. <br /> 15. December 18, 1997: As provided by Condition No. 27 of SMA 25, the Planning Director <br /> grants the applicant an administrative extension of time until January 26, 2001 in which <br /> -5- <br />