2009-03-09 Public Access, Open Space and Natural Resources Preservation Commission Minutes

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Chair Garcia made a motion to defer this item to the next meeting until they have more information. Mr. Hirakami strongly feels that they should consider non - monetary asset deposits into the fund instead of money as a compromise to the mayor's proposal to suspend future deposits. He suggested that some of the Hamakua lands could be transferred into the fund for future exchange. As an example a forestry company might come in and make an offer for these lands. In the meantime, a landowner of an oceanfront property that the County is seeking would have more incentive to sell through a 1031 land exchange by gaining a tax break and escaping from capital gains. Basically it would be trading assets rather than trading cash. Ms. Springer asked if they could get some initial feedback from the County Department of Finance on this proposal. Mr. Yada commented that it's a creative idea but the biggest challenge with exchanges is finding the right parties at the right time to do it. Mr. Hirakami asked if there's a way the properties could be separately identified or designated that it's restricted for open space. Ms. Sako commented that there's no real mechanism to set aside the lands for open space. The County knows who's in control; however the funds would need to be earmarked. She added that in the County's records there is a place to record source of funds for purchase of land but not sure if the two properties purchased were identified as PONC funds or County funds. Mr. Yada added that to sell land it would require Council approval and an Environmental Assessment would need to be done on the parcels involved. Mr. Hirakami feels that it's highly unpopular to go against the voters but if there was a compromise it could possibly be explored. Ms. Markovich noted to include "agriculture or other purposes" in addition to Mr. Hirakami's comment on the forestry industry in Hamakua. ANNOUNCEMENTS The next meeting is scheduled for Monday, April 13, 2009 at 10:00 a.m., at the Department of Liquor Control Conference Room, 101 Aupuni Street, Suite 230, Hilo, Hawaii. ADJOURNMENT Chair Garcia adjourned the meeting at 2:41 p.m. Respectfully submitted, Alexandra Kel&1o, lerk III -7-