HomeMy WebLinkAboutREP FC 306 06/19/2006 2004-2006 REPORT OF THE
COMMITTEE ON FINANCE
DATE: June 19, 2006 Re: Comm. No. 922Bi11 No. 295
PLACE: Council Chambers
TIME: 9:00 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 295, reports as follows:
Bill No. 295, transmitted by Assistant Corporation Counsel Gerald Takase, via Communication
No. 922, dated May 22, 2006, amends Chapter 19, Hawaii County Code 1983 (2005 Edition),
Real Property Taxes, relating to Real Property Tax Exemptions.
The purpose of this measure is to add a new section allowing for tax exempt status to real
property held by the Hawaii Island Housing Trust, which was created to manage property
deeded to the County of Hawaii for affordable and employee housing.
The County of Hawaii has embarked upon a new endeavor for the creation of affordable and
employee housing within the County of Hawaii. To facilitate this undertaking, the Hawaii
Island Housing Trust was created to manage all property that is deeded to the County of Hawaii
for this purpose. In order for the Hawaii Island Housing Trust to fulfill its mission, tax exempt
status should be granted to help lower costs to provide affordable housing, while the Hawaii
Island Housing Trust holds the land for development.
Council Member Pete Hoffmann clarified that this measure would be island-wide and
administered by the three board members.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 295 and
recommends it pass first reading.
smc
Hues NOES A&E Ex Respectfully submitted,
ARAKAKI X
xrcA X COMMITTEE ON FINANCE
HOFFMANN X
HOLSCHUH X
IKEDA X
ISBELL X ~^'4----~
.IACOSSON x VIRG IA ISBELL, CHAIR
PILAGO X FC REPORT NO. 306
SAFARIx X ADOPTED: ~(~I ~ 7_9fIQ~