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Special Management Area, meaning how will this project affect the environment now? We can
<br /> only assess what's happening because we can only identify what's happening in the environment
<br /> now; we don't know what will be happening in 10 years and 15 and 20. So, to me, allowing for
<br /> a 10-year grace period before we even start construction is not adequately taking into account the
<br /> effects of this project on the Special Management Area because we don't know what the
<br /> conditions will be in 10 years. And I totally understand that a project of this magnitude will take
<br /> time to complete. The requirements for Plan Approval for permitting for construction, it's going
<br /> to, it's going to take time. But if we canso, you know, I'm good with the back end of the, you
<br /> know, 10 years or 15 years to construct and then another 10 years; that makes sense to me. But,
<br /> is there a way that we can tighten down the timeline on the front and to indicate that Plan
<br /> Approval will be sought within a certain number of years, permitting within a certain number of
<br /> years after that, and then commencement of the project will take place within, I don't know, five
<br /> years. That, to me, would be more adequately considering the effects of the Special
<br /> Management Area.
<br /> FUKE: Well, I would think like, realistically, you know, maybe plans can be submitted for Plan
<br /> Approval maybe within a three- or five-year window—and I assume that is because, and, you
<br /> know, obviously, we have to have like, although an AIS was done, it's probably going to be a
<br /> need for like a preservation plan to establish clearly the buffers and all that, so once those design
<br /> parameters are kind of established, then the developer will be in a better position to kind of place
<br /> buildings, the landscaping, and all that stuff, and be prepared to submit a plan for Plan
<br /> Approval—so I would think like, you know, maybe like a three-to five-year window needed to
<br /> submit for Plan Approval and, what you say, maybe secure a construction permit within, within a
<br /> 10-year period? I don't know.
<br /> VITOUSEK: I mean, let's just talk about actuality; what, what are we actually planning? Is, I
<br /> mean, are we just entitlement banking, or is there actually a plan that Waikoloa has to build this?
<br /> And what is your actual plan?
<br /> FUKE: I will defer to Mr. Plunkett on that. I don't think they have plans to just entitlement
<br /> banking, especially since they have an obligation to do the work by - - -
<br /> PLUNKETT: Yeah, the way that this works is we, we need the entitlements first, then we will
<br /> get into the detailed planning. Detailed planning, as we warrant here, takes an enormous amount
<br /> of time, more so than, than projects that, you know, I've been involved in the mainland. But
<br /> that's said, the plan is ultimately to bring in a timeshare up. The way these works is that the
<br /> developer then, then plans entitles, builds buildings usually one at a time, and then they are
<br /> taking down over a long period of time as, as these things are sold. Just to give you a point of
<br /> reference, Hilton Grand Vacation started, we sold them their project back in 2005, and they
<br /> startedScott, what year they actually started construction?
<br /> HEAD: I believe it was 2007, but they are, they are only, they are halfway through the various
<br /> phases of their development, what's that, 15 years later.
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<br /> EXHIBIT D
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