HomeMy WebLinkAboutREP FC 104 05/17/2005 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: May 17, 2005 Re: Comm. No. 267/Res. No. 97-OS
PLACE: Council Chambers
TIME: 9:06 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution No. 97-05, reports as follows:
Resolution No. 97-05, transmitted by Director of Finance William Takaba, via Communication
No. 267, dated May 2, 2005, authorizes the payment of funds of a later fiscal year and of more
than one fiscal year for amulti-year lease of real property for the Department of Research and
Development's Kona Oftice.
The Department of Research and Development wishes to enter into amulti-year lease with
Frame ]0, a Limited Partnership, for five years starting June 1, 2005, with the option to extend
for three additional years at a rental rate of $1.50 per square foot for the first year, with
subsequent annual increases thereafter to $1.57, $1.65, $1.73, and $].82; plus $.72 per square
foot for the estimated shared expenses
The new office will provide space for a Resource Center to serve the west-side of the island, as
well as an office for the Mass Transit Agency to serve North and South Kona.
Funds would be budgeted in future fiscal years to cover the anticipated costs.
Pursuant to Section 10-1 L, Hawaii County Charter, any contract, lease or other obligation
requiring payment of funds from the appropriations of a later fiscal year must be approved by
resolution.
Council Member Virginia Isbell excused herself from voting due to a possible minor conflict of
interest.
Your Committee on Finance is in accord with the purpose and intent of Resolution No. 97-OS
and recommends its adoption.
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Hues xoes nee ex Respectfully submitted,
ARAKAKI X
HtcA x COMMITTEE ON FINANCE
HOFFMANN X
HOLSCHUH X _
IKEDA X ~
ISBELL _ X U~ t~
aACOSSON x VIR INIA ISBELL, CHAIR
PILAGO X FCREPORTNO~~ ~--~-1-0~4~g-_
SAFARIK ADOPTED: JUi~ y 1 LuuJ