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COUNTY OF HAWAII STATE OF HAWAII <br /> RESOLUTION NO. 89 03 <br /> RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO NEGOTIATE AFIFTY- <br /> FIVEYEAR LEASE WITH THE HAWAII ISLAND COMMUNITY DEVELOPMENT <br /> CORPORATION OF HAWAII FOR THE PURPOSE OF DEVELOPMENT AND <br /> CONSTRUCTION OF A THIRTY-UNIT SENIOR RENTAL HOUSING PROJECT AT A SET <br /> LEASE RENTAL AMOUNT OF $10.00 PER YEAR. <br /> WHEREAS, On July 15, 1983, the County of Hawaii, through its Office of <br /> Housing and Community Development, acquired a parcel containing 43,560 square feet located <br /> at the corner of Kino`ole and Kahaopea Streets, Hilo, Hawaii, TMK: 3/2-2-41:10; and <br /> WHEREAS, Chapter 2, Article 19, Section 2-120(a)(2), Hawaii County Code, as <br /> amended, provides that the County ('ouncil may direct the Finance Director to negotiate the <br /> disposition of real property by lease to non-profit organizations at such rentals and on such terms <br /> and conditions as deemed proper without notice or appraisal; and <br /> WHEREAS, the Office of Housing and Community Development has determined <br /> that the Hawaii Island Community Development Corporation (HICDC) is anon-profit <br /> organization with extensive experience in the development of subsidized senior housing; and <br /> WHEREAS, the HICDC proposes to construct a 30-unit senior rental housing <br /> <br /> project; and <br /> WHEREAS, the HICDC will seek funding for the project, and carry out its <br /> development through to occupancy, at which time operations will be taken over by an <br /> experienced management company; and <br /> WHEREAS, the proposed project will target senior citizens with income levels at <br /> 30% and 50% of the island's median income; and <br /> WHEREAS, the proposed project will increase rental housing opportunities for <br /> lower income senior citizens. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br /> COUNTY OF HAWAII, that the Finance Director is hereby authorized to negotiate afifty-five <br /> (55) year lease with the HICDC for the purpose of planning, developing, and constructing a <br /> rental housing project for senior citizens at a set lease rental amount of Ten Dollars ($10.00) per <br /> year. <br /> <br />