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SAUNDERS:Yes, thank you. I do think it€s appropriate to give you some <br />context, and I€ll be as brief as I can. I€ve lived in Hawaii for 10 years. Long story short, <br />I came across an investment group out of San Francisco in my former position, got to <br />know them and vice versa. I ended up joining them. They decided that they needed for <br />their various development projects to have a local person that maybe was a little more <br />sensitive to how it is to live and work in Hawaii as opposed to where they are in San <br />Francisco, so I joined them. <br />One of my tasks was to implement the project that you see on the wall right there. I <br />started out by reading the Kailua Village Design District manual to see what that was all <br />about and understand that. I came here numerous times, talked to a number of people, <br />realtors, people in the business community and others; and the more and more I talked to <br />them, it occurred to me that the design that we had in place, the 80 units, certainly <br />achieved the density that was allowed. No question about it. But it seemed to do it at the <br />expenseofsomeotherimportantthingsthatyoumightputunderthisheadingofA <br />Lifestyle.‚ For instance, the project had what€s called the Double-loaded Corridor.‚ <br />You€d get out of an elevator and you€d have a dark corridor, there€d be no opportunity <br />for cross-ventilation. It would be almost like a mainland-style project, which when you <br />think of it if you€re from San Francisco, maybe that€s something that you€re used to <br />seeing. <br />So we got talking more and more and decided that we really ought to look at dropping <br />down the density and coming up with something that was more appropriate to the <br />community. And I must say it was a situation of putting your money where your mouth <br />was cause hundreds of thousands of dollars have been spent on a building permit set of <br />plans for the existing plan. With the investors€ concurrence, we pulled, we stopped the <br />permit down at the County and said let€s go back and see if we can go back to the <br />drawing board. <br />We, also, another break-through was we found the adjacent property was owned by the <br />Greenwells, Lanihau Corporation. I sat down with Jimmy Greenwell and we talked <br />about our thoughts; and long story short, we thought that it might make sense to acquire <br />that property from them and see if we couldn€t do a better lower density design. <br />So, in the course of that discussion, we both recognized there are considerable <br />archaeological sites on the Greenwell property. We had an archaeologist go through it, <br />review earlier studies; and we basically concluded that there was a mauka half, that <br />except for one burial site, was clean. A lower half, there was just, as my daughter says, <br />choke archaeological sites.‚ And we thought it did make sense to do it, yes, you might <br />be able to get some development on there. But we and the Greenwells agreed that we <br />would acquire the entire 6 acres that basically runs from the Kuakini Wall down to <br />Kuakani Highway and we would do a consolidation and resubdivision. The makai half <br />that has the, most of the archaeological, we would put a deep restriction on the site that <br />would preclude any development, not only if we owned but anybody subsequent to us. <br />6 <br /> <br />