HomeMy WebLinkAboutREP FC 043 02/28/2005 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: February 28, 2005 Re: Comm. No. 103/Res. No. 45-OS
PLACE: Council Chambers
TIME: 10:10 a.m.
Council Chair Safarik and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution No. 45-05, reports as follows:
Resolution No. 45-05, transmitted by Director of Finance William Takaba, via Communication
No. 103, dated February 8, 2005, authorizes the Mayor to enter into amulti-year extension
agreement with K. 'Caniguchi, Ltd. for the Hanama Place office building.
The County of Hawaii seeks to extend its use of the County offices at Hanama Place for two
years, with an option for an additional two year period. The proposed new lease will require the
County to pay $278,133.44 per year or $2.29 per square feet per month, which includes the cost
of common area maintenance. Funds would be budgeted in future fiscal years to cover the
anticipated costs.
Pursuant to Section 10-1 1, Hawaii County Charter, any contract, lease or other obligation
requiring payment of funds from the appropriations of a later fiscal year or more than one fiscal
year must be approved by resolution.
Mr. 'fakaba informed the council that his transmittal letter incorrectly stated the new rent
increase as 3% over what we are now paying. The new rent actually represents a 3% increase
over the original (case price, which leaves the rent the same amount that is currently being paid.
Your Committee on Finance is in accord with the purpose and intent of Resolution No. 45-OS
and recommends its adoption.
smc
_ Ayes uors n&e ex Respectfully submitted,
ARA KAKI X _ _
e1cA x _ GOMMITTEF. ON FINANCE
HOFFMANN X _ _
HOLSCHU? X ~ _ ~ i
- ~ I;
IKEDA _ X _ ~
ISBELL X L N`
.IACOesoN x VIRG NIA ISBELL, CHAIR
Pn,ACO - X_ _ FCREPORTNO. 43
SAFARIK _ x _ At~oPT~D: MAR 1 6 2^J5