Chapter 33 Tax Increment Districts

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§ 33-2 HAWAII COUNTY CODE (2) Faulty interior arrangement and exterior spacing; (3) High density of population and overcrowding; (4) Inadequate provision for ventilation, light, sanitation, open spaces, and recreation facilities; or (5) Age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses; or (b) The existence of properties which suffer from economic dislocation, deterioration, or whose use is unreasonably impaired because of one or more of the following factors: (1) Faulty planning; (2) The subdividing and sale of lots of irregular form and shape and inadequate size for proper usefulness and development; (3) The laying out of lots in disregard of the contours and other topography or physical characteristics of the ground and surrounding conditions; (4) The existence of inadequate public improvements, public facilities, open spaces, and utilities which cannot be remedied by private or governmental action without tax increment financing; (5) A prevalence of depreciated values, impaired investments, and social and economic maladjustment; or (6) The existence of lots or other areas which are subject to being submerged by water. "Council" means the council of the County of Hawai`i. "County" means the County of Hawaii. "Director" means the director of finance of the County of Hawaii. "Project costs" means expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the district that are listed in a tax increment financing plan as costs of public works or public improvements in a tax increment district, plus other costs incidental to the expenditures or obligations. Project costs include: (a) Capital costs, including the actual costs of the construction of public works or public improvements, new buildings, structures, and fixtures; the actual costs of the demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; and the actual costs of the acquisition, clearing, and grading of property; (b) Financing costs, including, but not limited to, all necessary and incidental expenses related to the issuance of tax increment bonds and all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs, any capitalized interest, and any premium paid over the principal amount of the obligations because of the redemption of the obligations prior to maturity; (c) Professional service costs, including architectural, planning, engineering, marketing, appraisal, financial consultant, and special services and legal advice; 33-2