2007-03-16 THUSSEY - Laserfiche WebLink

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FISCHER:Havent considered that, but certainly open to it. In fact, most people that ask about these properties are neighbors right in the area that wantto downsize. They want to sell their present homes and build something smaller. SIRACUSA:Certainly thats a consideration when you get older and it gets harder and harder to clean a big house. Id like to ask the Director, if I may. Since they are talking about not building the homes themselves, which is selling the lot sites, and there is no minimum building size, how would that conflict with the affordable housing requirement if they are not building the homes themselves anyway? YUEN:We have a great deal of lot-only development on the island, you know. Very commonly whether its -. Uniformly an Agricultural lot will be sold without a home, and very often even a residential subdivision is sold without a home. So we have an affordable housing requirement that applies to those as well. You get a half a credit for the affordablelotversustheaffordablehomebecausethensomebodystillhastoputahomeonit. And frankly, yes, the market value of a 3-acre lot in this subdivision is going to be a lot of money. And I dont have a figure for you, but its a lot of money; and from the economic point of view, probably the least economic alternative for the land developers is to sell a 3-acre lot at the affordable lot price. Thats going to be the least economic alternative for them to fulfill the affordable housing requirement, but there are other alternatives including the purchase of credits from I dont believe Surety is going to be within the 15-mile radius; I can tell you that there are credits that accrued to Nansei for development in the Waikoloa area that I believe are within the 15-mile radius, and then also Parker Ranch has affordable housing credits. But the affordable housing policy does cover rezonings whether the developer sells lots only or sells houses. GRAHAM:Thank you, Mr. Yuen. Do we have any other questions for the applicants representative? WATANABE:Chair? GRAHAM:Commissioner Watanabe? WATANABE:Its not directed towards the applicant, but again Id like clarification from Mr. Yuen as far as how much impact, I mean, how many affordable credits would this project require. You had mentioned something about one in the beginning and she was mentioning its going to cost her between 800,000 to a million, which I guess thats based on selling the most expensive way selling all of the lots for 100,000 dollars, which is I think out of reason. YUEN:The project has to earn its an 8-lot subdivision has to earn two credits. Its rounded up to the nearest whole number. WATANABE:Two credits? YUEN:Two credits. 8EXHIBIT A