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work? And is it not you who decides and contracts for how much youre going to pay? And <br />does the County or eventual purchasers have any say whatsoever ahead of time as to how you <br />spend this money? <br />SAVIO:The people all have all the say. It has been agreed all along that well put <br />the properties out to bid, the bids will be made known, they have the right to check the books, the <br />audit. I think the -. <br />GRAHAM:You put the properties out to bid? <br />SAVIO:The proper -, no the properties, the people that are buying have the right to <br />decide how the funds is -. <br />NOMURA:Microphone, please. <br />SAVIO:Im sorry. Is it on? Okay. We have a loud voice anyway. Basically, Im <br />thedeveloper,someonehastoberesponsible,someonehastomakethedecisions.Allofthe <br />improvements will be put out to bid, three bids will be obtained, we will acknowledge those <br />three bids to the community. Well discuss the advantages and disadvantages. Well continue <br />the process as we have all along. Its community based. My Board of Directors is the <br />community. The company thats doing the development is a single entity corporation. It holds <br />no assets, but these assets. The books will be available to audit. Youll notice no developer <br />overhead is charged. I dont charge my salary, I dont charge for my secretary, I dont charge for <br />all the other items. We only charge direct cost, based on outside third parties. So were going to <br />be paying, you know, if we have to pay to pave the road and its $1,000,000, thats the expense. <br />If we have to pay $400,000 to repair bridges, thats an expense. But nowhere in there is there <br />anything going to me other than 2 percent of whatever it is. And, again, I have told the <br />community and the County has put in the requirement that they can audit the books, they can <br />look at the records. <br />Its, I understand the skepticism. In all of the projects that I do, even on Oahu, at first people <br />could not understand why I do what I do because I could make a lot more money. I have given <br />away over $120,000,0000 on Oahu at below market prices to first-time home buyers. Thats <br />something I believe in, thats something Ive always done. I have a market development <br />company that also does projects and actually makes a lot more money, but this is my way of <br />giving back to the community. Im a local boy born in Hilo, raised on Oahu, and this is what I <br />do. I have more fun with these projects but dont make a lot of money. But, you know, in life <br />sometimes having more fun is more important. <br />ALAMEDA:Commissioner Alameda. <br />GRAHAM:So in specific response to what I asked then these things that youre going <br />to expend money on like fixing the bridges and all these youre talking about, before you spend <br />those monies or commit those monies, youre going to consult with the community about the <br />bids that you receive on them and the community -? <br />SAVIO:I have no problem with that, none at all. <br />11 <br /> <br />