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VITOUSEK: Okay, there has been some discussion already, but, Mr. Fuke, would you like to
<br /> take us through the affordable housing component that's next on your
<br /> FUKE: Sure. Yeah, okay, thank you very much. It's a good segue to the workforce housing
<br /> question inasmuch as some of the Commissioners raised that issue right now. Yeah, it was kind
<br /> of pointed out that it's not a requirement, but this is something that the developer really wants to
<br /> do as a long-standing commitment to the community. We have like—as a result of the last
<br /> meeting you wanted to have perhaps like a condition essentially to all the developer's
<br /> commitment, you know, their feet to the fire—so we have a proposed condition that would
<br /> address that we hope. And if I can ask the staff to—although it was kind of reflected in the letter
<br /> that I transmit it to your office, to the Commission but if it's on the screen, then it'll aid the
<br /> discussion, and it'll go a little bit faster.
<br /> CAMERO: Yes, Sid, let me just get that up for you, okay?
<br /> FUKE: Okay, thank you.
<br /> CAMERO: Can you all see my screen?
<br /> FUKE: Oh, great. Okay, so, to answer both of, you know, like Commissioner Yates's question
<br /> and also Paishon-Duarte's, you know, the first section is like, okay, this is what the applicant is
<br /> representing. So we will cause the development of the workforce housing project on this
<br /> property here, Parcel 32, "in accordance with mutually agreeable terms between the Applicant
<br /> and the County Office of Housing and Community Development." Just to explain that anytime
<br /> you have like an agreement, you know, commitment to do a housing project, it's always good to
<br /> have it tied down with the County Office of Housing, and that's the first phase. And the second,
<br /> the second sentence continues, "The terms shall be established in a workforce housing agreement
<br /> and shall include the Applicant's infrastructure construction and land conveyance obligations
<br /> and operational considerations such as tenant income and other eligibility criteria." The
<br /> applicant has represented, and they will bear the cost of putting in the road and all of the utilities
<br /> to the site. Whoever the developer is going to be, at this point in time the planned developer is
<br /> Stanford Carr, it may not end up being him, but at this point in time it's Stanford Carr, you
<br /> know, then the land would be conveyed by Waikoloa Land to either the County or Stanford Carr
<br /> or nonprofit or whomever the County deems it to be the appropriate entity to retain control. The
<br /> other thing is the operational consideration and income and eligibility criteria. This is something
<br /> that the Office of Housing really needs to nail down in terms of whether it's just going to be
<br /> income level and other kinds of things established. So that's where their agreement comes in.
<br /> Now the last sentence, this is where like it's really critical, you know, if it incentivizes the
<br /> developer to kind of get this project off the ground, because this says like it would read, "An
<br /> occupancy permit for the first workforce housing unit shall be obtained no later than issuance of
<br /> an occupancy permit for any timeshare unit within the area covered by this ordinance"—"this
<br /> ordinance"being Project District ordinance. So in other words, before the Project District, you
<br /> know where the 900 units are actually going to be, can be, can be occupied, then this project, at
<br /> least the first phase, has to be completed. So, that gives the developer all the, you know, the
<br /> incentive; it gives, it incentivizes the developer to get this project off the ground as soon as
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<br /> EXHIBIT D
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