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J��YOsM,w, <br /> ?W <br /> COUNTY OF HAWAII -Amor-� � �''/�* STATE OF HAWAII <br /> •• 'moi' =o'�' <br /> •♦r�rtO �� . <br /> RESOLUTION NO. SE' 20 <br /> A RESOLUTION AUTHORIZING THE MAYOR TO ENTER INTO A MULTI-YEAR <br /> LEASE AGREEMENT WITH PAPA'ALOA ELDERLY HOUSING LIMITED <br /> PARTNERSHIP FOR THE REHABILITATION OF THE PAPA'ALOA ELDERLY <br /> HOUSING PROJECT LOCATED IN THE DISTRICT OF HAMAKUA, HAWAII, <br /> TMK: (3) 3-5-003:049. <br /> WHEREAS, on April 3, 2002, the County of Hawaii ("Lessor"), through its Office of <br /> Housing and Community Development ("OHCD"), entered into a lease for 20-years ("Original <br /> Lease") with Papa'aloa Elderly Housing Inc. ("Original Lessee"), a Hawaii non-profit <br /> corporation, to build and operate the Papa'aloa Elderly Housing Project which sits on 2.5 acres <br /> of land located in Papa'aloa, Hamakua district, TMK:(3) 3-5-003:049 (the "Property"). <br /> WHEREAS, after entering into the Original Lease, the Original Lessee relocated old <br /> teacher cottages to the site and renovated them into ten (10) rental units for elderly residents who <br /> met the criteria described in the Lease, and a community center. The site became known as the <br /> the Papa'aloa Elderly Housing Project("Project"); and <br /> WHEREAS, the Original Lessee has successfully operated the facility for the past <br /> nineteen (19) years, and now desires to replace the existing aging structures with a new 20 unit <br /> building and a community center, and the Lessor agrees this is a worthwhile expansion given the <br /> shortage of affordable housing on the island of Hawaii; and <br /> WHEREAS, in 2018 the Original Lessee was approved to receive twenty (20) U.S. <br /> Department of Housing and Urban Development ("HUD") Section 8 project rental vouchers for <br /> the project; and Original Lessee was awarded funding for the rehabilitation of the premises <br /> through Low Income Housing Tax Credit allocation and other soft funding sources; and <br /> WHEREAS, Original Lessee has now entered into a partnership to complete the project <br /> renovations with Papa'aloa Elderly Housing Limited Partnership ("New Lessee"), a Hawaii <br /> limited partnership, comprised of NEF Assignment Corporation, an Illinois non-for-profit, as a <br /> Limited Partner, and the Original Lessee as a General Partner. <br /> WHEREAS, for the duration of the Lease, the Lessee shall use said Premises solely as a <br /> rental housing facility for low income elderly housing and related uses in accordance with <br /> federal, state or county laws of such other elderly housing which is a "qualified low-income <br /> housing project", health care, nutrition programs, or support services for elderly residents <br /> including residents of rental units on premises; and <br /> WHEREAS, the Lessee's use of the Premises shall be operated and rented at rents to <br /> tenants with incomes that do not exceed the U.S. Department of Housing and Urban <br /> Development (HUD) Section 8 income admission limits at time of admission and Lessee shall <br /> conform to the rental ceiling established and as amended from time to time by the HUD in its <br />