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*tY OIM Harry Kim ~,c~ William Takaba Mnyor Director Nancy E. Crawford ~,rt • • , Depury Q~ ctor Oi Mr ~ ~ County of Hawaii Finance Department 25 Aupuni Street, Room I18 • Hilo, Hawaii 96720 - (808) 961-8234 • Fax (808) 961-8248 .i May 3, 2007 Pete Hoffmann, Chairman and Members of the Hawaii County Council Hawaii County Council 25 Aupuni Street Hilo, Hawaii 96720 Re: Capital Budget The Waikoloa Workforce Housing Project is in its initial planning and design phase. Pre- developmentincludes planning, design, legal fees, special studies, and financial analysis that are related to the project as a whole and to pre-formation activities of a community facilities district. The site can potentially include up to 1,200 for-sale and rental units, and will proceed in phases based on feasibility. Funding of the current pre-development phase of the project will allow this phase of the project to proceed without interruption and will reduce the burden on the potential Community Facilities District, and ultimately the homeowners and renters within the completed development. Enclosed is a bill for an ordinance adding the Waikoloa Workforce Housing Project Pre- Development project for $6,000,000 to the Capital Budget. Due to the existing Council rule governing reconsideration of legislation and because we are close to the end of the fiscal year, we would like to request a waiver from the Finance Committee and have this bill heard at the next Council meeting scheduled for May 16, 2007. If there are any questions, please do not hesitate to call the Office of Housing and Community Development. ~ rG' /~jjr . William Taka a Director of Finance APPROVED: Harry Kim Mayor 1.~ Enc. Comm. No. / ~~r-1---"' Ref. To: 4 2007 cc: OHCD Ref. date MAC Hawaii County is an Equal Opportunity Provider and Employer ~3JiA100~