HomeMy WebLinkAboutREP FC 128 07/09/2007 2006-2008 REPORT OF THE
COMMITTEE ON FINANCE
DATE: July 9, 2007 Re: Comm. No. SOS/Bill No. 123
PLACE: Council Chambers
Hilo, Hawaii
TIME: 9:41 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 123, reports as follows:
Bill No. 123, transmitted by Director of Finance William Takaba, via Communication No. 505, dated June 28,
2007, authorizes the issuance of $40,000,000 general obligation bonds of the County of Hawaii for the purpose
of funding costs of the Waikoloa Workforce Housing Project; fixing the form, denominations, and certain other
details of such bonds and providing for their sale to the public; and authorizing the taking of other actions
relating to the issuance and sale of the bonds.
The Waikoloa Workforce Housing (Kamakoa) Project is currently in the pre-development/design phase, with
infrastructure construction expected to begin this summer. The total project is planned as a 1,200-unit
development, however current focus is on Phase 1, which will include a mix of for sale and rental units. Phase
1 is also planned to include a park area, a community center, day care center, parking and a future school site,
all of which are intended for public use for residents of the Waikoloa area.
The project herein requested will be for all of the public facilities and the related infrastructure, and will also
include additional infrastructure so that rental prices can be maintained in the affordable range. This
appropriation will initially be used to provide for pre-development costs of the project, part of Phase I
infrastructure and one park, known as Phase 1-A. As Phase 1-A proceeds, a Community Facilities District
(CFD) will be formed and funds will be borrowed to complete Phase 1-B, which includes most remaining
public community facilities.
The County Council recently passed Ordinance 07-93, which added the Waikoloa Workforce Housing Pre-
Development Project, for $6,000,000, to the Capital Improvement Budget for Fiscal Yeaz 2006-07.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 123, and recommends it pass
first reading.
la
Hues NOES A&E Ex Respectfully submitted,
FORD X
xrcA x COMMITTEE ON FINANCE
HOFFMANN X
IKEDA X
JACOBSON X .
NAEOLE X ~--'1
PILAGO x DOMINIC YAGON , C I
YACOrvc X FC REPO NO. ~ ~ 1~2~8~
~
YOSHIMOTO X ADOPTE JUL L ~ LUUt