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MR. SCHUTTE: That is what I am getting at. <br /> In regards to this employee housing, I don ' t know if you are <br /> familiar with the employee housing that Rockefeller :put up for <br /> the Mauna Kea employees and what has happened since that time <br /> has defeated the entire intent and purpose of what it was <br /> constructed for-if you recall back it was very difficult to <br /> get imployees that would buy homes or lease them or what have <br /> you. As a result, it was built and what has happened that <br /> those employees who did purchase homes have since doubled their <br /> value by selling those same parcels and still work for Mauna <br /> Kea. They have capitalized on a provision that was set up to <br /> help them. Bearing this in mind, how can we equally set up a <br /> property tax with a basis of- assessment that would in every <br /> respect be as equal to all concerns including the everyday <br /> hourly employees and the tourist developments , the speculators <br /> and every other individual that is involved- in Kona_real ' estate. <br /> As you mentioned, not only in Kona does this <br /> happen but also in Waimea where we have had ag lands that are <br /> at such a price today that farming is entirely out of the <br /> question. It is not equitable. It is not feasible. Economi- <br /> cally it is a disaster that we have to resort to this kind of <br /> value to land. <br /> Then it is still a problem of trying to do it <br /> and assess these properties on an equal basis with all of these <br /> variations involved. You mention here that this particular <br /> proposal is more aimed at the agricultural lands andthe home- <br /> owners. You are quite aware, also, that in making these <br /> assessments it has got to be on an even keel so that everyone <br /> is assessed equally regardless of the situation. How does <br /> this work in line with that? <br /> MS. ISBELL: I 'm not sure I agree with you <br /> that everybody has to be assessed equally. If it is a resort <br /> development, I would think that would be a totally different <br /> type of assessment because they are in the business of making <br /> money and it is resort development. But we are talking, about <br /> residents, really, and you mention people who have capitalized <br /> and doubled their money in the Kawaihae area, in that village. <br /> Those people are doing exactly what they have been shown how <br /> to do. They are doing what everyone else is doing so therefore <br /> their assessment would go up at the moment they sold that too. <br /> And perhaps it should go back five years. But at least they <br /> are getting assessed on the fact that they made a lot of -money <br /> out of itand they are sharing it with the county. The person <br /> who doesn ' t sell it and who uses it as a residence with all <br /> the intentions of staying in it should not be penalized for <br /> the fact that he didn 't want to sell it and has no intentions <br /> of making a big killing. I don ' t think we should use that as <br /> an example. That Rockefeller area because first of all a° lot <br /> of those employees were from Kohala and they were driving over <br /> and that is a hot spot to live in. It is a very warm little <br /> village. It is a very pleasant place to live but frankly it <br /> is awfully close together. Many of them could not see leaving <br /> beautiful Kohala and the breezeand their area. I have talked <br /> - 16 - <br />