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The reason given for the change to the residential requirement is that the real estate market wonÓt <br />support that rate of building new houses. WeÓre told that the developer canÓt control the exact <br />pace of commercial versus residential development. The developer says that the time the <br />conditions were agreed to Ðthe housing market was so strong.Ñ <br /> <br />What kind of business plan did this developer have, and what kin <br />developer and did you folks perform? Anyone who plans anything with the hope that life will go <br />according to plan and that the economy will remain stable is a risk. The developer says they <br />should have made objections back when the housing requirements were put into play because in <br />this economy those kinds of restrictions become monkey wrenches. Was this agreement made <br />just to get a foot in the door? What other changes will come? Does this developer not know the <br />economy goes in cycles? <br /> <br />Apparently, an additional request in the initial letter to the Planning Department to connect roads <br />within Palamanui to Makalei Drive before the completion of the connector road was accidentally <br />included. Accidentally included? A project this big accidentally included this? How well <br />thought out was this plan? What other mistakes are going to show up? Mauka-makai connector <br />roads are badly needed. And wasnÓt it known by the developer that this road was going to have <br />to go in by 2012? Were the financial backers of this development not told of this? <br /> <br />The company says it ÐdoesnÓt have the financing necessary to build the roads, construct the one <br />required University of HawaiÒi at West HawaiÒi Center building and related infrastructure, and <br />get started on development to sell all at once. The economy isnÓt strong enough to drive <br />significant residential sales.Ñ Again, what kind of business plan was there? Who, especially on <br />a project of this scale, plans on everything going according to plan and the economy staying <br />vibrant? And in HawaiÒi no less. <br /> <br />Investors and developers come here to make money. But these ventures are a gamble. They take <br />their chances. We should not be penalized for their poor planning or unrealistic expectations. <br />Granted, times are tough. But everyone has to deal with the times through cutbacks, delays and <br />any other means of staying afloat. <br /> <br />I am against all of these changes because I believe this plan and the financing were not well <br />thought out, but knowing that we have to work together to make things happen for the best I <br />believe some strict and unchanging deadlines need to be put into place. <br /> <br />First, because all roads should have been the first things to go in, including the mauka-makai <br />connector road, that should not be taken off the table. That is a necessity. <br /> <br />Second, the amount of the rezoning that is being requested from Project District to Commercial <br />Industrial is okay, but it should be a smaller portion than what is being requested. <br /> <br />Third, the public needs to know, and have the opportunity to comment on, the reason for the <br />reduction in setback from Queen KaÒahumanu Highway. <br /> <br />EXHIBIT B <br />19 <br /> <br />