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REASONS FOR REQUEST <br /> ■ UPON SECURING LAND USE ENTITLEMENTS IN 1983, THEN OWNER GAMREX CORPORATION AND ITS <br /> DEVELOPMENT ENTITY, KONA VISTAS, LLC SPENT THE NEXT 23 YEARS DEVELOPING THE INITIAL PHASE OF THE <br /> DEVELOPMENT CONSISTING OF APPROXIMATELY 103.293 ACRES OF RS-15 ZONED LANDS INTO 215 <br /> SINGLE-FAMILY RESIDENTIAL LOTS/UNITS NOW KNOWN AS THE KONA VISTAS SUBDIVISION. <br /> ■ THE DEVELOPER SECURED A SERIES OF TIME EXTENSIONS ON THE INITIAL ORDINANCE, WHICH COVERED <br /> BOTH THE KONA VISTAS SUBDIVISION LANDS AND THE SUBJECT PROPERTIES TOTALING 68.837 ACRES. <br /> ■ THE LAST AMENDMENT OCCURRED IN 2002, WHICH GRANTED A TIME EXTENSION UNTIL NOVEMBER 27, <br /> 2007, TO SECURE FINAL PLAN APPROVAL FOR THE FIRST PHASE OF THE MULTIPLE-FAMILY RESIDENTIAL <br /> COMPONENT WITHIN THE RM-5 ZONED AREA WITH ITS PLANNED COMPLETION NO LATER THAN NOVEMBER <br /> 27, 201 1 . <br /> ■ AFTER SUBSTANTIAL COMPLETION OF THE KONA VISTAS SUBDIVISION, THE OWNER LOST INTEREST/ABILITY TO <br /> COMPLETE THE MULTIPLE-FAMILY COMPONENT OF THE DEVELOPMENT AND SOLD THEIR REMAINING LAND • <br /> HOLDINGS TO TWO HAWAI`I-BASED DEVELOPMENT ENTITIES, KV3, LLC AND KONA THREE LLC <br /> (APPLICANT) IN 2015. ' <br /> ■ UPON PURCHASING THE PROPERTIES, THE APPLICANT HAS MADE A SIGNIFICANT FINANCIAL AND TIME <br /> COMMITMENT TO COMPLETE REQUIREMENTS OF THE ORDINANCE AS WELL AS PERFORM ADDITIONAL `SOFT <br /> WORK' NECESSARY TO UPDATE AND ALIGN VARIOUS STUDIES AND PREVIOUS OBLIGATIONS OF THE <br /> ORIGINAL LANDOWNER TO BE ABLE TO REQUEST ADDITIONAL TIME TO DEVELOP THE PROJECT SITE AS <br /> ORIGINALLY ENVISIONED BY THE LUC AND COUNTY COUNCIL WHEN THE ENTITLEMENTS WERE GRANTED. <br />