2008-02-11 Public Access, Open Space and Natural Resources Preservation Commission Minutes

Home

Ms. Sako noted that there's a key timing issue to predict how much will be spent and that the need to use the bonds has to be there or else the County will have to pay interest. She added that bonds are refunded all the time based on a financial analysis depending on the changing of interest rates which are constantly monitored. Ms. Sako mentioned that there is no plan to accelerate payoffs early, and all current debt is scheduled to be paid off by 2040. She further noted that most parcels are assessed at 100% of their market value, of course with exceptions and are re- assessed annually as of January 1St. The assessment would be based on the previous year's sales and cost factors. The median assessed value of a residential property is 106,000 and the median effective tax rate is $6.32 per $1,000. The average assessed value of a residential property is 195,609 and the average effective tax rate is $7.24 per $1,000. Mr. Flores asked if the existing bonds are financed by Real Property Tax office. Ms. Sako replied yes. Communication No. 08 -003: Letter to Council Chairman Pete Hoffman and Members of the County Council from Mayor Harry Kim, re: Nomination of Terri R. Markovich to the County of Hawaii Public Access, Open Space and Natural Resources Preservation Commission for Council District 1. Chair Springer noted that these communications have been received and will be filed DEPARTMENT OF FINANCE REPORT Mr. Yada announced that escrow has closed on the County's second purchase of 234 acres in Kawa`a formerly owned by Marcia Johnson for 1.92 million. In regards to the Olson properties in Kawa`a, the County has an accepted offer letter and are still awaiting to hear on the status of grants from the U.S. Fish and Wildlife and the State Legacy Land Grant. At this time the approximate balance in the open space fund is 3.27 million in addition to 1.2 million to be reimbursed from the State for the purchase of Kawa`a. Once the purchase of the Olson properties are completed there won't be much left in the fund to entertain anymore acquisitions until funds can be replenished. Ms. Garcia stressed that if there's not enough money the focus should be on public access. OFFICE OF THE CORPORATION COUNSEL'S REPORT Ms. Self explained why she moved up the public testimony on the agenda before the Mayor's discussion with the Commission. She noted that this was a result of Ms. Hecht's inquiry stating that it would be a violation of Sunshine Law if public testimony was not allowed before M