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TAI: Vincent Tai, T-a-i, last name. <br /> <br />ISHIBASHI: And address? <br /> <br />TAI: Oh, I’m sorry, 2184 Round Top Drive, Honolulu, 96822. <br /> <br />ISHIBASHI: Thank you. Have you reviewed the conditions? <br /> <br />TAI: Yes, I did. <br /> <br />ISHIBASHI: Any concerns or questions? <br /> <br />TAI: Not at this time in terms of the Planning Commission’s approval. <br /> <br />ISHIBASHI: Any questions for the applicant, Commissioners? Anything you’d like to say? <br /> <br />TAI: Well, I’m aiming for, let’s see, 80 percent median affordable housing, not 100 percent, not <br />140 percent. The numbers are very, very tight. That’s one reason that I need to increase the <br />density, because the infrastructure cost is constant. I need to spread it out with more units. I’ve <br />been in this business for 40 years, many in urban development. So the density here being RM-1.5 <br />is median by the stretches. I mean it’s not high density at all. And the site being like 3.3 acres it <br />could be planned so that some of the neighbors concerns could probably be mitigated. Now keep <br />in mind this is really a very conceptual plan at this point because this is a zoning change. <br /> <br />Once I receive approval by the Council then I will work diligently to try to come up with a plan <br />that tries to mitigate as much as possible. There’s no 100 percent solution, no 100 percent perfect <br />solution here. But as you know, it’s not easy to develop in Hilo, given the cost of construction <br />here being probably as high as Honolulu or even higher. But the value, the rental value, sales <br />value, is probably 50 percent or even less. So I do need the cooperation from all sides. Financing <br />is an issue. If my numbers are correct, if I really can control the construction cost part -. The <br />rental income I cannot control because it’s published, I have to follow the County’s guideline. I <br />haven’t seen any publication since 2012. This is the last published numbers. So I’m going to stop <br />by the office and see if I can talk to Jeremy and see what the 2013 and proposed 2014 is like. <br />Because these numbers are very important. The cost of construction is not going down, you <br />know. But I, I think it will work by having a little bit more density but still low by most <br />standards. Okay? It has the possibility of working. <br /> <br />Now there are reasons why there hasn’t been any development in Hilo for the last, I don’t know <br />how many years. There are reasons, right? And, and just change of zoning is really probably <br />evolution in an urban city, urban development, you know. It’s, I see it as a positive. Of course, <br />some of the neighbors see it as a negative, which I have some response to those concerns. I just <br />received this letter this morning, so I just read it. Okay? And this is something that I’m not quite <br />familiar with. But I think these should be dealt with when I get to the stage to submit <br />development plans and not during the change of zoning application. For instance the suggestion <br />3 <br /> EXHIBIT A <br /> <br /> <br />