HomeMy WebLinkAboutREP FC 300 05/16/2006 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: May 16, 2006 Re: Comm. No. 889/Res. No. 365-06
PLACE: Council Chambers
TIME: 10:03 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution No. 365-06, reports as follows:
Resolution No. 365-06, transmitted by Director of Finance William Takaba, via Communication No. 889,
dated May 2, 2006, authorizes the payment of funds of a later fiscal yeaz and of more than one fiscal year
for amulti-yeaz lease of real property at Puainako Center, Building C, Bay C-5, 2100 Kanoelehua Street.
The County wishes to enter into amulti-yeaz lease with PTC Partners, through Caro] VanCamp of Ala
Kai Realty, Inc., for five (5) yeazs beginning on July 1, 2006 or upon completion of the pazking lot
expansion, whichever occurs later and will have an unconditional right to terminate, effective after three
(3) years with one hundred eighty (180) days prior written notice to the landlord.
This space, located next to Checkers Auto Parts, was formerly occupied by Long's Drugs Express and
Pay `n' Saue. It contains 7,540 squaze feet of office space and 7,282 square feet of storage/wazehouse.
The owners have agreed to expand its pazking facilities to the rear of Bay C-5 if the County leases this
space.
Funds would be budgeted in future fiscal yeazs to cover the anticipated costs.
Pursuant to Section 10-11, Hawaii County Charter, any contract, lease or other obligation requiring
payment of funds from the appropriations of a later fiscal yeaz must be approved by resolution.
William Takaba, Director of Finance, explained that although the lease is for five yeazs, provisions are
included to end the lease after three yeazs with no penalty.
Some members of Your Committee felt that Administration should do a cost analysis on demolishing and
rebuilding the County Building and one for renovations on the County Building.
Your Committee on Finance is in accord with the purpose and intent of Resolution No. 365-06 and
recommends its adoption.
smc
writs Noes n~E ex Respectfully submitted,
ARAKAKI X
HICA x COMMITTEE ON FINANCE
HOFFMAPiN X
HOL5CH[TH X ,
II~DA X
ISBELL X U'~"'- `
JACOBSON x VIRG A ISBELL, CHAIR
FILAGO X FCREPORTNO~ 300
sAFARIx X ADOPTED: '~~~OG