HomeMy WebLinkAboutCOM 1174.000 2004-2006
+yl,
Harry Kim Christopher J. Yuen
Mayor Y_ Director
Z'* Brad Kurokawa, ASLA
LEED®AP
20106 NOU 1 AM 11 lixixtg of Prxfnttii Deputy Director
CC'. PLANNING DEPARTMENT
101 PaualtilStreet, Suite 3 ° Hilo, Hawaii 96720-3043
(808) 961-8288 ° FAX (808) 961-8742
October 31, 2006
Honorable Stacy Higa, Chairman
And Members of the County Council
County of Hawaii
25 Aupuni Street
Hilo, Hawaii 96720
Dear Chairman Higa and Members:
Proposed Resolution for Approval of In Lieu Fair Share Contribution
Condition N of Change of Zone Ordinance No. 02 95 (REZ 989)
Developer: Bart T. Cahoon Trust
Tax Map Key: (3) 7-3-5.97 Kalaoa North Kona
In accordance with Section 2-162.1, Hawaii County Code 1983 (2005 Edition) as
amended, transmitted herewith for the County Council's consideration and action is a
proposed resolution relating to the in lieu fair share contribution in an amount of
$26,500.00 for the support of road and traffic improvements, as required by Condition L
of the above-referenced Ordinance No. 02 95. For your information, we have enclosed a
copy of Ordinance No. 02 95 and the applicant's documentation for the fair market value
appraisal of the land..
Should you have any questions, please feel free to contact me or staff Alice Kawaha of
this department at 961-8288.
Sincerely,
y ~ I
CHRISTOPHER J. EN
Planning Director
AK:cd
p.\wpwin60\alicewin\LStacyHiga FSReso-CahoonREZ989 (7 q
Comm. No.~
Enclosures Ref. To: C`
xc: Mr. Sidney M. Fuke Ref. Date ufiy 0 1 9(1(16
Ms. Alice Kawaha, Long Range Planning Division
464. S 7'04 ~ Hawai'i County is an Equal Opportunity Provider and Employer.
4
COUNTY OF HAWAII, STATE OF HAWAII
002 SEA 9 FM 2 33 BILL NO. 230
PU NNPIG Dig /J-I T M-NT (Draft 4)
courlrr o. 42 95
ORDINANCE NO.
AN ORDINANCE AMENDING SECTION 25-8-3 (NORTH KONA DISTRICT ZONE MAP),
ARTICLE 8, CHAPTER 25 (ZONING CODE) OF THE HAWAII COUNTY CODE, BY
CHANGING THE DISTRICT CLASSIFICATION FROM AGRICULTURAL (A-5a) TO
SINGLE FAMILY RESIDENTIAL (RS-15) AT KALAOA 4n', NORTH KONA, HAWAII,
COVERED BY TAX MAP KEY 7-3-5:97.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Section 25-8-3, Article 8, Chapter 25 (Zoning Code) of the Hawaii County
Code, is amended to change the district classification of property described hereinafter as
follows:
The district classification of the following area situated at Kalaoa 4`h, North Kona,
Hawaii, shall be Single Family Residential (RS-15):
Beginning at the Southwest comer of this parcel of land, being also the Northwest
comer of Lot 1, the coordinates of said point of beginning referred to Government Survey
Triangulation Station "MOANUTAHEA", being 7,067.06 feet South and 9,555.55 feet
West, thence naming by azimuths measured clockwise from true South:
1. 1860 50' 289.16 feet along the remainder of Grant 1607 to
Nawahie (Lot A, 50-ft. road);
25.15 feet along Grant 1608 to Kekeleaukai;
2. 267° 56' 101,
3. 266° 53' 30" 711.70 feet along same;
4. 268° 09' 225.99 feet along same;
5. 267° 13' 30" 264.17 feet along same;
6. Thence along Hawaii Belt Road, F.A.P. F-10(5) on a curve to the right with a
radius of 1,392.40 feet, the chord azimuth
and distance being: 0° 27' 42" 63.42 feet;
-1-
use.
A. The applicant, successors or assigns shall be responsible for complying with all of
the stated conditions of approval.
B. The required water commitment payment shall be submitted to the Department of
Water Supply in accordance with its "Water Commitment Guidelines Policy"
within ninety (90) days from the effective date of this ordinance.
C. Lots within the proposed subdivision shall not exceed the number of units of
water which are available and have been committed to the subject property by the
Department of Water Supply. Any further development shall occur only when
sufficient County water becomes available by construction of on- and off-site
water system improvements. All water system improvements shall meet with the
requirements of the Department of Water Supply prior to the issuance of Final
Subdivision Approval.
D. No variance shall be sought or granted to allow the subdivision of lots not served
by a county-approved water system.
E. Final Subdivision Approval of the proposed subdivision shall be secured from the
Planning Director within five (5) years from the effective date of this ordinance.
F. Roadway and access to all lots within the proposed subdivision shall meet with
the approval of the Department of Public Works. The improvements within the
proposed subdivision shall include underground utilities.
G. If required to be dedicated, all subdivision roads shall be constructed to County
dedicable standards and dedicated to the County of Hawaii. The applicant shall
K. All construction activity involving the use of heavy equipment or machinery
relating to the development of the subdivision and any structures thereon shall be
prohibited on Sundays, provided further that no construction activity shall occur
on any day before 7:00 a.m. and after 5:00 p.m.
L. Should any remains of historic sites, such as rock walls, terraces, platforms,
marine shell concentrations or human burials be encountered, work in the
immediate area shall cease and the Department of Land and Natural Resources -
State Historic Preservation Division (DLNR-SHPD) shall be immediately
notified. Subsequent work shall proceed upon an archaeological clearance from
the DLNR-SHPD when it finds that sufficient mitigative measures have been
taken.
M. To ensure that the Goals and Policies of the Housing Element of the General Plan
are implemented, the applicant shall comply with the requirements of Chapter 11,
Article 1, Hawaii County Code relating to Affordable Housing Policy. This
requirement shall be approved by the County Housing Agency prior to final
subdivision approval of each increment.
N. The applicant shall make its fair share contribution to mitigate potential regional
impacts of the subject project with respect to roads, parks and recreation, fire,
police and solid waste disposal facilities. The amount of the fair share
contribution shall be the sum which is the product of multiplying the number of
residential lots proposed to be subdivided by the amounts allocated hereinbelow
for each such lot, and shall become due and payable prior to final subdivision
approval for any portion of the subject property or its increments. If the subject
property is subdivided in two or more increments, the amount of the fair share
contribution due and payable prior to final subdivision approval of each
increment shall be a sum calculated in the same manner according to the number
-5-
1 I N%001 s
disposal facilities, and roads within the region impacted by the proposed
development, subject to the approval of the director. The cost of providing and
constructing the improvements required in Condition H shall be credited against
the sum specified in Condition N (5) for road and traffic improvements. For
purposes of administering Condition N, the fair market value of land
contributed or the cost of any improvements required or made in lieu of the fair
share contribution shall be subject to review and approval of the director, upon
consultation with the appropriate agencies.
Upon approval of the fair share contributions or in lieu contributions by the
director, the director shall submit a final report to the Council for its information
that identifies the specific approved fair share and/or in lieu contributions, as
allocated, and further implementation requirements.
0. The applicant shall comply with all applicable laws, rules, regulations and
requirements of affected agencies for approval of the proposed subdivision within
the subject property.
P. Should the Hawaii County Council adopt a Unified Impact Fees Ordinance
setting forth criteria for imposition of exactions or the assessment of impact fees,
conditions included herein shall be credited towards the requirements of the
Unified Impact Fees Ordinance.
Q. An initial extension of time for the performance of conditions within the
ordinance may be granted by the Planning Director upon the following
circumstances:
I. The non-performance is the result of conditions that could not have been
foreseen or are beyond the control of the applicant, successors or assigns,
-7-
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Rs20 AGRICULTURAL (A,-5a) TO
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0 5D0 1000 1500 2000 Feet
AMENDMENT TO THE ZONING CODE
AMENDING SECTION 25-8-3 (NORTH KONA ZONE MAP) ARTICLE 8, CHAPTER 25
(ZONING CODE) OF THE HAWAII COUNTY CODE, BY CHANGING THE DISTRICT
CLASSIFICATION FROM AGRICULTURAL (A-5a) TO SINGLE FAMILY RESIDENTIAL (RS-15)
AT KALAOA 4TH, NORTH KONA, HAWAII
PREPARED BY: PLANNING DEPARTMENT
COUNTY OF HAWAI I
TMK :7-3-005:097 MARCH 13, 2002
EXHIBIT "A" (CAHOON:1058)
44, 7, e7uw(
SidneyFuke, Plannin' "weonsultant 2006 APR PR pin f 7 q
100 Pauahi Street, Suite 212 • Hilo, Hawaii 96720 • Planning • Variance • Zoning
Telephone: (606) 969-1522 • Fax: (606) 969-7996 ~cr msion • Land Use Permits
E-mail: sidfuke@verizon.net GOUT J i f (.V; } V' % VAfl M~~ntal Reports
April 28, 2006
Mr. Christopher Yuen, Director
Planning Department
COUNTY OF HAWAII
101 Pauahi Street
Hilo, HI 96720
Dear Mr. Yuen:
Subject: Impact Fee - Ordinance No. 02-95 (Bart Cahoon)
TMK: 7-3-05: 97 (SUB 2003-0144)
This is to follow up on your letter of March 28, 2006 and my subsequent
discussion with Ms. Alice Kawaha of your staff regarding the subject matter.
As explained to Ms. Kawaha, the applicant (Bart Cahoon) is recuperating from a
major medical operation and accordingly wishes to have this issue resolved at the earliest
practical opportunity. He has thus informed me that, although a current appraisal may
yield a higher value today, the 2004 valuation ($26,500) used for Mr. Rinkenbach's 50%
portion of the roadway (Parcel 102) is acceptable to him.
Per Condition N(5) of Ordinance No. 02 95, Mr. Cahoon's required fair share
contribution for roads and traffic improvements is $50,619.45 for his total projected 15-
lot subdivision. However, at this time, he is proceeding to develop the property in two
phases due to water limitation. The current phase consists of 7 lots. Based on that, the
current assessment is $23,622.41, with the balance due upon consummation of the second
phase of his subdivision.
Thus, if his request were acceptable, there would be a balance of $2,877.59,
which he requests be applied to his second phase. We also do understand that beginning
May 1, 2006, there will be an adjustment to the rate to correspond to the prevailing
Honolulu Consumer Price Index (HCP(). Accordingly, inasmuch as this request is being
made before May 1, we respectfiilly request your use of the current HCPI.
We look forward to your favorable action of his request. Thank you very much.
Pincerely,
TIA
SIDNEY M. FUKE
Planning Consultant
Copy - Mr. Bart Cahoon
SidneyFuke, Planning Consultant ter.
100 Pauahi Street, Suite 212 • Hilo. Hawaii 96720 • Planning • Variance • Zoning
Telephone: (808) 969-1522 • Fax: (808) 969-7996 • Subdivision • Land Use Permits
E-mail: sidfuke@verizon.net • Environmental Reports
January 4, 2006
Mr. Christopher Yuen, Director
Planning Department
COUNTY OF HAWAII
101 Pauahi Street
Hilo, HI 96720
Dear Mr. Yuen:
Subject: Impact Fee - Ordinance No. 02-95 (Bart Cahoon)
TMK: 7-3-05: 97 (SUB 2003-0144)
As you may be aware, the County Council recently passed Resolution No. 179-05
authorizing the acquisition, through its power of eminent domain, of a strip of land,
identified by TMK: 7-3-005: 102. This strip is desired to provide a connection between
'Ili ili Street and Kiekie Street. It is jointly owned by MACA, Inc. (Mr. Bart Cahoon)
and Morris Ignatius Scanlan, Trustee.
Condition H of the subject rezoning ordinance required the applicant to make
improvements to this road lot and subsequently convey its interest in the land and
improvements thereon to the County prior to receipt of final subdivision approval.
Condition N also provides for the applicant to receive road and traffic improvement
impact fee credit for this effort.
Mr. Cahoon's 7-lot subdivision, as identified above, is nearing receipt of final
approval. Because of water limitation, the remaining 8 lots (total of 15 lots) would be
subdivided later. The construction plans have been approved, and Mr. Cahoon intends to
construct rather than bond the required improvements. It is anticipated that construction
would be completed in about 6-8 months.
According to Mr. Cahoon, improvements to the connector road have already been
completed. Recognizing the immediate need for this connector road and rather than
going through the costly and extensive condemnation process, he is prepared to
immediately convey his interest (50%) in this 14,267 square foot parcel to the County in
fulfillment of its road and traffic improvement impact fee requirement.
The road and traffic improvement impact fee is $4,280 per proposed lot. Based
on the projected 15 lots, the fee would be a total of $64,200. The estimated value of his
50% interest in the land (7,134 square feet), based on a conservative value of $15/square
foot, would be over $107,000. The cost of the roadway and drywell improvements was
about $80,000, of which $40,000 was attributable to Mr. Cahoon. As such, Mr. Cahoon's
share would be about $147,000, and that would far exceed the $64,200 of road and traffic
improvement impact fee requirement.
Mr. Christopher Yuen, Director
January 4, 2006
Page 2
Accordingly, we respectfully request your acceptance of Mr. Cahoon's
conveyance of his interest in parcel 102 as fulfilling the road and traffic improvement
portion of impact fee for his proposed 15-lot subdivision. To the extent possible,
however, he would also appreciate having the balance applied to other portions of the
impact fee requirement. Should this proposal be acceptable, we trust that the County will
prepare the appropriate documents for this conveyance. Mr. Cahoon looks forward to
helping the County expedite this conveyance. Thank you very much.
rmcerely,
SIDNEY M. FUKE
Planning Consultant
Copy - Honorable Stacy Higa, Chair, County Council
Mr. Lincoln Ashida, Esq. Corporation Counsel
Mr. Bart Cahoon
FROM : LAWRENCE APPRAISAL GRE FAX NO. : 8083293555 28 2084 08:05RM P2
308 Kamohameha Ave., PH 3
Hilo, HI ~i6720
Tel. (808) 329.3900
Fax (808) 329-3555
Law
l~l(~PQI GIiDlTjJ 1-bw * 1W.
September 23, 2004
KEVEN RINKENBACH
72-3982 Mamalahoa Hwy.
Kailua-Kona, HI 96740
RE: APPRAISAL OF R.O.W. FOR ROAD DEDICATION, PRTN GRT 1607, KALAOA, KONA, HAWAII
Dear Mr. Rinkenbach:
Attached is our summary analysis of the as current value for the property located on TMK 3/73-05-
102 located on the makai side of Ili Ili Street, in Kailua-Kona, Hawaii. The value estimate is provided
"as is" as a roadway dedication. To follow are the analysis and a summary of data.
The property is an improved 50' wide road with no issues of significance impacting the value. This is
an underlying land value analysis. There are no buildings involved. The land area is appraised
assuming its highest and best use which is as a ROADWAY used for access to the new subdivision.
You have a 50% interest in the total parcel.
The site (50 x 281- ft). is cut from an existing larger plot of land that has been subdivided and the
roadway has already been improved. The site is adjacent to an existing development known as Kona
Palisades and new tracts to the North and West with Kona Coastview further to the north.
In accordance with your request, we have made a summary Appraisal of the property referenced
above. As such the report will discuss and analyze the various factors and comparables that impact
the value of the subject. The purpose of the appraisal is to estimate the fee simple market value of
the subject property. Market value is defined as the most probable price estimated in terms of
money which a property will bring if exposed for sale in the open market, allowing a reasonable time
to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is
capable of being used.
At this time we have prepared an estimate of the underlying 50% interest in the land value of the
subject road. This value estimate for roadway use is based on Ag. Zoned land comparison as
requested by the county which is a restricted use. The value of the dedication is estimated at
$3.75/sf or $53.OQO (rd.) x .50 for the Rinkenbach portion = $26,500. We have attached the
supporting data. We induce the final appraisal herewith.
Should there bbe' any other questions, please advise,
i Robert Lawrence, CGA, SRA, SRPA
•e
Commercial & Residential Real Property Consultants
&"ingAll Hawaiian Islands Since 1990
FROM : LAWRENCE APPRRIS FRX NO. : 8083293555 964 08:06AM P3
'LETE SUMMARY APPRAISAL REPORT ~
NKEN13ACH ~e~ LAND APPRAISAL REPORT Fie NnKF901AO02A4
hopwh Milers 7-3-005'102 C.r T.d 0217.00 LENDERDISCRETIONARYUSE
ciy KAILUXKONA Cwnt HAWAII Slate HI Cede 96740 Sala Prim S
PRTN GRT 1807, KALAG N. Ko HAWAII Dye
onnencianapast RINKENBACWADAMS NON-OCC Relerenw 7-3-005:102 AMrlgage Armam S
Saie Siee3 NA rabof Sye NA Property Rights Appmiaed Modpage Type
tam sonabbe easel 0 Fm Sipe DirAlvd POnM ak Olhr Cw vas'vw
RE T. S 2446.75 AS WAS T. Yea WAT/Ma NONE Uasldd Paid by Seiiar t
LaMeIQW RINKENBACWADAMS _ Coneamum(HUDVA)
723982MAMAIAHOAHWY KAILUA-KONA HI98740 PUD S.
LOCATION ltban X Salwban Rate! NFIGHBORIIDOD ANALYSIS u ti w rr
aRDIN I ? plead ?X 25-75% IMWe 2596 FnplgnwntSlsWAy ?
MLT UP 96
OROWf11 ?
- RATE X? IapM ?Sa61e ? Saw Cwwerenpeb ERFlnywwlN I}IYLFjJJill X I}LYLF-JKJ-jl
PROPERTYVAUJIS X? 1--sing ? Made B Derfneg Cawemnratash we X
DEMANDISIWpIY Shw1w EX] In Blanca Orr Sappy CameMwleaa Stlcds X
MARKETING? E thre er3Nae- X 36 mac Ove6 Nee. Adeguaq of Pul{cTrauspalelm x
i pl£vPldl'LAMPUSF% IAND USECHANGE PREDOMINANT S!43EFAM_YHg191G Reaeselsn Fediira X ?
SW,Fanly 74% haHilndy OCCUPANCY PPoCE AGE Adeque/ d Andiiac X El
2AF Nmy H Oww Q Blow) (far) IimaM Cwn"tbMy x
MifiFSNJ Inponss ? Tmar ? 370 L. NEW Pmledionfien DAlincmd Cond x Ll
ca mtal Tv RESIDENTIAL Vaor6(DZ%) X SOD High 35e lastm a F. P.oladinn x
N11WROW FROM VACANT V.,AI xW) mdaduN GwwrJAppeprwuadRcpwfia X X
" Va m 26% 440- 18 A to Melts X X
N-ste: Rape wIM racial cargositbn e11M roighbwhood xa not considered rMiabN appaisy lad. CDMME, 1 VACANT NORTH KONA LAND
ADJACENT TO AN EXISTING INFILLING SUBDNISION MAKAI SIDE OF MAMALAHOA HWY. 3 MI NORTH OF KAILVA KONA
a CENTER. AREA USED FOR SINGLE FAMILY RESIDENCES OF CUSTOM CONSTRUCTION AND APPEAL AS WELL AS A FEW AG
FARMS ALL SUPPORT FACILITIES AND AMENITIES ARE EASILY ACCESSIBLE PREMIUM ON VIEW AND PRIVATE PARCELS
OFF OF THE MAIN FEEDER ROADS. PRIME POPULAR RESIDENTIAL LOCATION EXPOSURE TIME EST. AT 120 DAYS
Miner . SEE ATTACHED PLAT MAP Topography GENTLY ROWNG
sb Araw 14267SF Cwerld PORTION S® TYPICAL FOR SUED.
Z.69C licatuw A5A AGRI. 5 AC. MIN. PER CO. 7nnimCwmr mSEE COUNTY Shape IRREGULAR
HGHEST3BESTIJSE: Reseed USe R.OW- OlherUx WA panagw APPEARS ADEQUATE
i)nuilES Nuin Other 3REMWR0VEMENT5Type Public PmAe Ve.Y GOOD OCN/MNTN
Benin* 0 UNDERGROUND Sbcd ASPHALT X? ? Lwltlx:png WA
Gas ? NONE Ox60ukr NONE o ? Tire-" N/A
wvkr PAUNTY SOON& NONE [O] toe MPamd Fasanwnh RDWAY-APPR. PURPOSE
Swdwysaww SEPTIC/CESS gored U#da NONE X FENAHand Hamed Year N. WA
Burns. WA NONE mm.mposee X-SEE SERVICE
Celllnuldw (Appwrd adyaaetwnelmwt; epvmrlwalea, apeaiy zaaesNwr; slide eras„ pcS LAND IS ASSUMED SIMILAR IN SIZE AND SHAPE
TO OTHERS IN THE AREA WITH NO INADEQUACIES NOTED THAT WOULD HINDER MARKETABILITY. THE SUBJECT LOT IS
ADJUSTED WITHIN THE GRID USING SIMILAR 70NED LAND. THIS REPORT IS FOR ROAD DEDICATION VALUE PURPOSES
ssY sMmne.ee u> ..awe tr.. >aum saws a prewnl« erol aeuw, w w.Me.n [e >.q.n a.a n>[ [»:a¢u lM».. lM wsw aeapw. m YN[Ilpewl IMlwro a eels
1 aelrals»I, ranasOne.rw»xlien le tne[e IIeAa el elamnu
..tAaM Arlwlon MYY.. I [M[Minww...al.. ea w~M>lie[. Ira K. a a .1,ynin eW[MpvWP wwrlr Ia Pe
te, w nerY RwaMe inee, me vq¢t payer ly, a wIPU (1 a%Ya la oats. u .¢,r nr >al el t .ul.nm IleaIn IM telPpaaNa la InrMl.
plus w.
w eau 1>WNIa tMP, tN Melwl pmpMf, > (s) aaN[IYest la nMe, inua IMIY[[IM <M Ina[aroa wlrc W W aej-L
.I ffEN SUBJECT COMPAdtABLEND. I C PARASI IW 2 COWARAIKeM a
7a- ;IM 711705 KALOKO DR. APT B, KALOKO DR, HAD ST-(ALOKO
Addas KAILUA.KONA 373r-2573 373.2459.2 37324-120
b APPROX 3/4 MI SO. WEST APPROX 3/4 MI SO. WEST - APPROX 3/4 MI 80. WEST
Salo Prue S NA ' ' f 379ODO $ 240,000 . , $ 250,000
Plod 3 0 $ 1.690 S 2650. t 1.850 -
DaaSmma INSPECTION TL TM MLS 132929 1'MK. MLS 130020 TMK, MLS 1255240
VALUE WS DESCR OESRIYtgN - DESCPoPIION DFSERIPIICYI W
Symr Ranalq CONY PMM -0.05 CONV
wlws>An. NONE NOTED =NONE NOTED I NONE NOTED
DPk dSaWTM JUN2004 EST. SIOS)2004 0.05 3/0512004 0.15 1232004 0.20
fs laycll KONA PALISADES KALOKO MUM _ KALOKO MWUKA KALOKO MAUNA
Slgvier GOOD OCN/MN AVG OCNIMNTN : 030 AVG OCNIMNTN 0.30 LIM. MOST BLKD 050
SIZE-SF 14,267 SF 5.14 AC 1.25 2.08 AC 0.75 3.11 AC 1.00
SITE UTILITY NORMAL AVGUDL SITE• 0-30 AVC; UTIL-PAD: EQUIV WOODED 0.25
SLOPE GRADUAL MODERATE 0.20 MODERATE 0.20 MODERATE D2D
SITE ZONING AG,--A AGbA _ NIL AG3A -0.25 AG3-A -0.25
1.90
Nil " X - • 3 2.10 X r - S 1.10 1X I, I I.
Ydohtl Value 6Yeis: 124.3 Ctias: 842 Grvis;- 129.7'
724.3 5 3.78 Nit 41:5 f 375 NpL-.'. '102-F E 3.75
cawwa& b dl &2mc ppweor SALES REPRESENTS THE RANGE AND MARKET VALUES BEFORE AND AFTER ADJUSTMENTS FROM
WHICH TO EXPECT THE VALUE ESTIMATE TO FALL WITHIN. ALL COMP SALES ARE THE BEST AVAILABLE AND ARE ALL
LOCATED WITHIN THE SUBJECTS AREA / MARKET AS CONSIDERED'UKE PROPERTIES'. MILD-PT. CHOSEN FOR SUB VAL.
Cwnrent and Condi ned dAppryswl: SUBJECT PROPERTY APPRAISED AS A ROAD DEDICATION PARCEL FOR PURPOSES OF
I' DETERMINING THE VALUE OF THE LAND, SIMILAR AG ZONED PARCEL ARE USED. SUBJECT IS NOT CURRENTLY LISTED.
Fuel pemlMiyn r. THE MARKET APPROACH IS UTILIZED AS THE PRIMARY FOCUS OF BUYERS AND SELLERS AND MOST
WEIGHTED FOR LAND VALUE.THE COST/ INCOME APPR.NOT USED BY THE MARKET WITH NO DATA TO RELY ON FOR
VACANT LAND. THIS 1S A LIMIT. ED SUMMARY APPT!AJSPL REPO, KPAIrF IS AS ABOVE. S3 ,75!5F 115ED FOR AuAYSLS_
I(wg WrMATETHEM ML7vALW- SDDVM.OFT1iESUR)ECTPROPHirvA (NF July 1.2004 roba$ SEE LETTER
I (We) neYdY. that to INB bawl w any (our) kaawledge and belief. the fads and data used horde we ture end caned: that I (wit) peranally nspeded the wNed properly
and nspxted a9 cwmvabro sales Cited in this repM: aad that I (wit) have no undimaced erred. Wwpt wpmpedea thnein
t' Apimaiwa) R.. Appranr ? Did ? Dd Nil
ROBT.LAWRENC JR_SRALSRPAGGA (dappicebb) IrwoJ t PmpedT
n,p.arv~.rum ma aM..,enl.ow»aenr.ean.naa.[e,..,Lawrence Appmisal Group Hawaii, Inc.
FROM : LAWRENCE APPRAIE . -UP FAX NO. : 8083293555 2004 08:07PM P4
ADDENDUM
Borrower, NO BOAR. He No.: KF901A.O02AI
ProPeMA &.re 7-3005:102 Cabe No.: RINKENBACH
KAILUA-KONA SWt : HI ZIP: 96740
Lender. RINWNBACWADAMS
REPORT PURPOSE:
THE PURPOSE OF THE REPORT IS TO ESTIMATE THE FEE SIMPLE MARKET VALUE OF THE SUBJECT LAND
PARCEL AS DEFINED HEREIN. THIS ESTIMATE IS TO BE USED SOLELY BY THE CLIENT FOR USE IN OBTAINING
COUNTY OFF SET CREDITS IN A SITE DEVELOPMENT RELATED PURPOSE.
FUNCTION OF THE APPRAISAL:
THE FUNCTION OF THE REPORT IS TO ESTIMATE THE PRESENT FEE MARKET VALUE OF THE ROAD DEDICATION
AND TO APPRISE THE READER OF THE INFLUENCES ON VALUE SUCH AS SUPPLY AND DEMAND, FTC
SCOPE OF THE APPRAISAL:
THIS IS A LIMITED APPRAISAL REPORT MADE IN SUMMARY.
THE FOLLOWING STEPS WERE MADE IN ARRIVING AT THE FINAL VALUE ESTIMATE INCLUDED IN THE APPRAISAL
REPORT:
1. A PRELIMINARY SEARCH OF ALL AVAILABLE RESOURCES WAS MADE TO DETERMINE MARKET TRENDS AND
INFLUENCES AS WELL AS OTHER SIGNIFICANT FACTORS PERTINENT TO THE SUBJECT PROPERTY AND THE
VALUE ESTIMATE.
Z A PHYSICAL INSPECTION OF THE PROPERTY WAS PERFORMED. ALTHOUGH DUE DILIGENCE WAS EXERCISED
WHILE AT THE PROPERTY, THE APPRAISER IS NOT AN EXPERT IN SUCH MATTERS AS SOILS CONDITION,
STRUCTURAL ENGINEERING. HAZARDS ETC. NO WARRANTY IS IMPLIED FOR THESE ITEMS. THE CLIENT MAY
WISH TO SEEK EXPERT ADVICE IN THESE MATTERS TO ENSURE THEIR SECURITY.
3
3. RESEARCH AND COLLECTION OF DATA (COSTS, SALES, ESCROWS. LISTINGS AND OTHER DATA) AS PRESENT
4 IN THE SUBJECT MARKETPLACE AND SUFFICIENT IN QUANTITY TO EXPRESS AN OPINION OF VALUE AS DEFINED
'r HEREIN. PERTINENT DATA IS CONTAINED IN THIS REPORT OR HELD IN FILE. NO DATA WAS KNOWINGLY
OMITTED OR WAS UNOBTAINABLE THAT WOULD IMPACT THE VALUE OF THE SUBJECT.
4. AN ANALYSIS OF THE DATA COLLECTED DURING THE GATHERING PROCESS WAS COMPLETED WHILE
f; EMPLOYING THE THREE APPROACHES TO VALUE AS APPROPRIATE EACH APPROACH IS RECONCILED AND A
p FINAL RECONCILIATION I$ THEN MADE. THE REPORT IS THEN COMPLETED, SIGNED AND RENDERED TO THE
CLIENT. SINCE TIME IS OF THE ESSENCE, THE APPRAISER COMPLETES THE PROCESS IN A BUSINESS-LIKE
MANNER AND FINISHES THE REPORT WHEN A REASONABLE BASIS FOR CONCLUSION IS REACHED.
THE CLIENTS HAVE MAPS OF THE SUBJECT AND ARE FAMILIAR WITH THE PROPERTY AND AREA
HIGHEST AND BEST USE:
THE SUBJECT CANNOT BE IMPROVED WITH THE NORMAL CUSTOM OR SEMI-CUSTOM SINGLE-FAMILY
~o RESIDENCE WHICH WOULD MEET THE CRITERIA FOR HIGHEST AND BEST USE IF THE LAND WERE NOTA
DEDICATION. THE ROAD SERVES THE PURPOSE OF PROVIDING ACCESS TO THE SUBDIVISION LOTS AND IS
GRANTED TO THE COUNTY AS A PUBLIC ROAD. THEREFORE THE HIGHEST USE IS AS A ROADWAY AS IS.
~I
ZONING ORDINANCE:
AG-5A ZONING IS IN PLACE ALTHOUGH THE COUNTY IS PERMITTING RESIDENTIAL LOT DEVELOPMENT OF THE
5 SURROUNDING LANDS.
FLOOD ZONE:
THE SUBJECT LOT APPEARS TO NOT BE LOCATED IN A KNOWN FLOOD ZONE SEE FLOOD MAP FOR MORE
DETAILS.
i 140TE THAT THE APPRAISER IS NOTAN ENGINEER AND CANNOT TAKE RESPONSIBILITY FOR THE ACCURACY OF
THE MAPS OR THE PLACEMENT OF THE SUBJECT THEREON.
SALES COMPARISON ANALYSIS:
EACH OF THE SALES WAS ADJUSTED FOR NOTABLE DIFFERENCES TO THE SUBJECT. WHEN A COMPARABLE IS
I DIFFERENT AS NOTED IN THE MARKET, AN ADJUSTMENT WILL BE MADE ON THE GRID. IF THE COMPARABLE IS
INFERIOR, THE ADJUSTMENT WILL BE POSITIVE AND IF SUPERIOR, THE ADJUSTMENT WILL BE NEGATIVE OR
DOWNWARD. IF TWO OR MORE ITEMS CANCEL EACH OTHER OUR "OFFSET' OR "NIL" WILL BE NOTED, MEANING
NO OVERALL ADJUSTMENT IS REQUIRED.
THE SALES USED BRACKET THE SUBJECT PROPERTY AFTER ADJUSTMENT WITH THE BEST AVAILABLE DATA
AND PROVIDE A RELIABLE INDICATION OF THE SUBJECTS VALUE. THE APPRAISER HAS ATTEMPTED TO FIND
THE MOST CURRENT AND SIMILAR COMPARABLE. SALES USED THAT MAY BE SOME DISTANCE AWAY ARE
q JUDGED SUITABLE AS THE PRINCIPLE OF SLIEST] TV nON APPLIES - EG., A TYPICAL BUYER WOULD SEEK TO
PURCHASE A PROPERTY IN EITHER OF THE SEPARATE AREAS, AS THEY HAVE SIMILAR ECONOMIC AND
PHYSICAL ATTRIBUTES.
a
LOCATION ADJUSTMENTS ARE CONSIDERED AND APPLIED WHEN THERE IS A NOTABLE DIFFERENCE IN THE
APPEAL OF THE LOCATION FOR THE COMPS VS THE SUBJECTS. USUALLY UNDERLYING LOT PRICES WILL BE
HIGHER IN A SUPERIOR LOCATION AND THUS THE ADJUSTMENT IS REQUIRED.
ADJUSTMENTS ARE MADE TO SALES FOR SUPERIORANFERIOR LOT SIZE AND/OR UM Lm (C.RFATFR USPABI
AREA OR LESSIMORE SLOPE) BASED ON PAIRED SALES THAT DEMONSTRATE THAT, AS A LOT INCREASES IN
r SIZE AND/OR UTILITY, ITS PRICE INCREASES OR VICE VERSA
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