HomeMy WebLinkAboutREP FC 174 09/18/2007 2006-2008 REPORT OF THE
COMMITTEE ON FINANCE
DATE: September 18, 2007 Re: Comm. No. 654/Bill No. 172
PLACE: Sheraton Keauhou Bay Resort & Spa
78-128 `Ehukai Street
Kailua-Kona, Hawaii
TIME: 10:33 a.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Bill No. 172, reports as follows:
Bill No. 172, transmitted by Finance Director William Takaba, via Communication No. 654,
dated August 29, 2007, amends Chapter 19, Article 1, Section 19-53(a) of the Hawaii County
Code 1983 (2005 Edition), Real Property Taxes, relating to Real Property Tax Valuations.
The purpose of this measure is to amend Section 19-53(a) to provide for special consideration in
determining the values of properties in the Waikoloa Workforce Housing Project, due to its
unique characteristics.
The Waikoloa Workforce Housing project is a County supported housing project created using a
land trust model and including certain restrictions designed to maintain perpetual affordability.
Mazket data and cost approaches, which incorporate compazison with the surrounding Waikoloa
area will not be appropriate for this project, so special valuation consideration is requested.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 172, and
recommends it pass first reading.
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AYES NOES A&E EX Respectfully submitted,
FORD X
HIGA X COMMITTEE ON FINANCE
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
P[LAGO X BOB COBSON, VICE-CHAIR
YAGONG X FC REPORT NO. 174
YOSHIMOTO X ADOPTED: OCT O ~ 2007