HomeMy WebLinkAboutCOM 0533.011 2000-2002
1-la Kim cP~a4Y
o. ~
~ 4~a~ William Takaba
Mayor ~ = Director
iy:
1 Nancy B. Crawford
~F,~ag, Deputy Director
(.1/ ~ ~liii i
C®;~ty ®f I-~aw~ii
~~nance Department ~
~j
25 Aupuni Street, Room 118 • Hilo, Hawaii
(808)961-8234 Fax (808)961-8248
1t°ilCYt
7~®. ~',aron S.Y. Chung, Chair
Finance Committee
~~s William ~akaba, ®irector of Fina
tee March 23, 2002
Ift~. Hamakua Lands, Crossroads Property in Kona and Lagoon Centre Properties
the following are responses to your memorandum of March 21, 2002 on the above-
referenced properties.
8~arir~akt~a l;~nd Sate
A working committee has been established to determine practical, responsible, and sensible
ways to dispose of our I-lalr~akua property. After having inspected the property and
consulting ~oeith the County Planning ®irector and Realtors who are familiar with current
market conditions, we have decided to
1. Retain one parcel (4-2-005--001) for possible future use;
2. Consolidate and subdivide certain other parcels;
3. Sell or exchange parcels that are not practical or possible to consolidate/subdivide; and
4. Lease parcels that are not sold;
Total assessed values of properties ttaat we plan to sell is $8.8 million. We expect value to
be added to properties that are subdivided. At this time, it is difficpalt to determine the
amount of revenue that we expect frora~ sales, although total revenues should exceed total
assessed values.
Properties that are sold "as is" can be sold this by June 30, 2003. Because we have not yet
identified these properties, the amounts cannot be determined and should not be included in
the budget.
Cohan, No, •
File 1!T®.
Ref. ~`o:
Ref. I3~,te _
Honorable Aaron S.Y. Chung
Page Two
March 23, 2002
Cr®ssr®ac~a Pr®'~rtY
If the Crossroads property is sold, it can be done at the time we sell the Hamakua lands.
The decision to sell this property has not yet been made.
The Crossroads property is assessed afi $666,300. Without an appraisal, it would be difficult
to determine revenues from a sale. A sale would help the budget.
Lagoon Centre properties
An appraiser has been hired to appraise the properties that we own at the Nilo Lagoon
Centre. The properties will be put on-the market when county offices in the Lagoon Centre
are relocated. The department of Civil Service is expected to move by August 2002. These
units are assessed at $260,000. A sale will help the budget.
The Corporation Counsel and ®ffice of Aging is is also expected to move. These units are
assessed at $634,000. The- sage of these offices, however, will be more difficult due to size
and configuration. A sale wiil help the°budgefi, but it may not sell before June 30, 2003.
if a decision=. is made to lease the Lagoon Centre properties, it would be difficult to determine
impact on the budget since the demand to lease large units is unpredictable. The vacancy
factor will probably be very hsgh. We may have a better idea when the appraisals are
completed.
Should you need anything further, please !et me know.
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