PD RECOMMENDATION REPORT (PL-REZ-2022-000033)

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structures. ■ Public and private roadways. ■ Drainage improvements. According to the applicant, the project will be developed in two or more phases, with Phase I having a maximum of 258 units (include all the `for rent' units and some `for sale' units)to be constructed on no more than 42 acres within the makki portion of the subject parcels ("project site") and Phase II having the balance of 192 `for sale' units within the mauka portion. According to the application, should the requests be approved, the applicant intends to submit plans for plan approval review within one (1)year. There is a discrepancy within the application on the anticipated timing of development where one section indicates that Phase I is anticipated to be complete by 2024 and Phase II by 2030, however, another section indicates that only completion of Phase I(maximum 258 units) of the 450-unit project is expected to be within ten (10)years from the date of approval of the requested amendments. The applicant addressed this discrepancy by indicating in writing that the entire project can be reasonably completed within ten (10)years of the effective date of the amendment,thus the request has changed to a ten (10)-year time extension within which to complete the entire development. Assuming there are no additional cost-related conditions beyond those improvements required by Ordinance 02 131, the current estimated development cost of this project is $170 million in 2022 dollars, including County exactions and fees. The non-performance is the result of conditions that could not have been foreseen or are beyond the control of the applicants,successors, or assigns, and that are not the result of their fault or negligence.As discussed above, the applicant acquired the subject project site in 2015, a full four(4)years after the deadline to complete Phase I development of the RM-5 zoned lands pursuant to Condition I of Ordinance No. 02 131, thus the ordinance was already stale and would need to be amended prior to further development. Since the applicant acquired the subject properties,they have expended significant,time,money and resources performing additional studies,planning, permitting, and design work(`soft work') necessary to request an amendment to the 4