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B. Petitioner Takes Over Development of Hokuli`a. <br /> In late 2007, 1250 Partners defaulted on its loan and control over Hokuli`a reverted to <br /> 1250 Partners' lender. During this time,development activities were halted and could only <br /> proceed with lender authorization and funding. <br /> In January 2011, 1250 Partners obtained Variance No. VAR 10-027 (the "Variance"), <br /> which covers the Makai Haleki`i Extension, Mauka Haleki`i Extension, and Connector Road. <br /> Exhibit G. 1250 Partners sought the Variance to allow for the retention of existing and <br /> construction of new twenty-foot wide paved roadways within fifty- and sixty-foot wide rights-of- <br /> way, without having to pave the shoulders of the roadways. The purpose of the Variance was to <br /> minimize excessive grading in order to mitigate potential environmental hazards, and to address <br /> concerns that the grading of the steeply sloping lands within Hokuli`a, coupled with a full <br /> pavement of the right-of-way,would increase the potential for storm water runoff. The potential <br /> for storm water runoff was demonstrated when Hokuli`a was put on hold in late 2000,to allow <br /> for remediation of sediment runoff into the nearshore waters fronting Hokuli`a caused by severe <br /> storm events. <br /> Petitioner acquired 1250 Partners' loans in late 2012, but before development of Hokuli`a <br /> could be fully resumed, 1250 Partners needed to proceed with a petition under Chapter 11 of the <br /> U.S. Bankruptcy Code to restructure its debt. During this time,however, the Mauka Haleki`i <br /> Extension was completed,which, like the Mauka Haleki`i Extension and Connector Road, was <br /> constructed pursuant to plans approved by the Department of Public Works. The Mauka <br /> Haleki'i Extension was dedicated to the County in 2012 and has been open to the public ever <br /> since. Exhibit H(Resolution No. 317-12). <br /> 4852-5574-8005.3.051730-00058 -5 <br /> 10 <br />