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HomeMy WebLinkAboutCOM 1193.000 2006-2008 1. or Harry Kim `~'•ti, William Takaba Mayor Director Nancy E. Crawford M•oi M~'~~ Deputy Director County of Hawaii Finance Department 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 (808) 961-8234 Fax (808) 961-8248 ra cv c~ i ) April 23, 2008 ro The Honorable Pete Hoffmann, Chairman, and Members of the Hawaii County Council 333 Kilauea Avenue, Second Floor Hilo, HI 96720 Ln _ m RE: A resolution declaring the intention of the County of Hawaii to establish a Community Facilities District, designated as Hawaii County Community Facilities District No. 2-2008 (Kamanu Street Extension), to authorize funding for prescribed special improvements, to authorize levy of a special tax, and to authorize issuance of bonds secured by proceeds of the special tax. Attached for your consideration is a resolution of intention to form a CFD, which includes the CFD boundary map, a brief description of the CFD improvements and the Rate and Method of Apportionment of Special Tax, for the Kamanu Street Extension project. Also, included as attachments to this communication are the following: • Petition requesting institution of procedures for establishment of District pursuant to the Community Facilities Districts Code (Chapter 32 of the Hawaii County Code) from West Hawaii Business Park LLC. • Special tax calculation worksheets. Should you have any questions please feel free to contact, Nancy Crawford at 961-8092. Sincerely, William al aba Director of Finance APPROVED: (~A4 Harry Kim Hamm. No. ' 19 Mayor Ref. To: Attachments ` Ref. Date, APR 24 2i1t78 QW. (029 - 0 S ~ Hawaii County is an equal opportunityprovider and employer. PETITION REQUESTING INSTITUTION OF PROCEDURE FOR ESTABLISHMENT OF DISTRICT PURSUANT TO THE COMMUNITY FACILITIES DISTRICTS CODE (CHAPTER 32 OF THE HAWAII COUNTY CODE) Pursuant to Chapter 32 of the Hawaii County Code (the "Code"), the undersigned, on behalf of West Hawaii Business Park LLC (together with its successors and assigns, the 'Petitioner"), respectfully petitions the Council of the County of Hawaii (the "Council") as follows: 1. The Petitioner respectfully petitions the Council to initiate proceedings to establish a Community Facilities District (the "Proposed District") pursuant to Chapter 32 of the Code, and hereby represents as follows with respect to the Proposed District: (a) The boundaries of the territory included in the Proposed District are shown on the map attached hereto as Exhibit A and made a part hereof for all purposes. (b) The type or types of improvements to be funded for the Proposed District are more particularly set forth in Exhibit B attached hereto and made a part hereof for all purposes. (c) The Petitioner is the owner of one hundred percent (100%) of the area of land proposed to be included within the Proposed District. There are no lessees of such land who, by the express terms of any existing leases, are obligated to pay the special tax proposed to be levied pursuant to Chapter 32 of the Code. 2. The County has appropriated and allotted the sum of $300,000 for the purpose of paying the costs expected to be incurred by the County in connection with the formation of the Proposed District and the issuance of bonds to fund improvements for the Proposed District under Chapter 32 of the Code. Accordingly, the County and the Petitioner have determined that no additional deposit of funds by the Petitioner will be required for such purposes. 3. The Petitioner respectfully requests that the Council determine, pursuant to Section 32-24 of the Code, that it is unnecessary to provide notice of hearing or to conduct a public hearing under said Chapter 32, and the Petitioner hereby expressly consents to the waiver of such notice and hearing. 4. The Petitioner hereby consents to and expressly waives any and all claims based on any irregularity, error, mistake or departure from the provisions of the Code and any and all laws and requirements incorporated therein, and no step or action in any proceeding relative to the formation of the Proposed District shall be invalidated or affected by any such irregularity, error, mistake or departure. IN WITNESS WHEREOF, the undersigned have executed these presents on this J #dday of 2008. WEST HAWAII BUSINESS PA LLC, a Hawaii limited liability comp By N e: J S ' Title By ll/1Y~0^ Name: W044- S. *Pt Title: \~1e Q4iti~crcu~ Filed in the Office of the County Clerk of the County of Hawaii on this day of RtL 2008 `t1 A ounty Clerk, County of Hawaii 2 STATE OF HAWAI' I ) ss. CITY AND COUNTY OF HONOLULU ) On ApAZI31AW8 , before me appeared Tarncs S.Greenwell to me personally known, who being by me duly sworn or affirmed, did say that such person executed the foregoing instrument as the free act and deed of such person, and if applicable in the capacity shown, having been duly authorized to execute such instrument in such capacity. ~ NERR/iyG, 'Yl NOTARY Name: *l • He, n9 * * Notary Public, State o waif PUBLIC P My commission expires: Afr;I d.1,a011 sOF STATE OF HAWAI' I ) ss. CITY AND COUNTY OF HONOLULU ) On Ap.iWAOW , before me appeared Norman S. Hon, to me personally known, who being by me duly sworn or affirmed, did say that such person executed the foregoing instrument as the free act and deed of such person, and if applicable in the capacity shown, having been duly authorized to execute such instrument in such capacity. -ten . N Name: N. Her.„n9 NX•NERR/'y0 Notary Public, State of aii 140TA/?Y * My commission expires: ^p+; I QQ, ao I 1 PUBLIC OF 'A 3 INCLUDED IN CFD EXCLUDED FROM CFD ITEM T.M.K. LAND USE LOT AREA (AC) ITEM T.M.K. LAND USE LOT AREA (AC) O1 (3) 7448:13 MG-1a A-1-A 73.030 © (3) 7-4-08:78 MCX-20 A-1-0 5.600 0 (3) 74-08:13 MCX-20 A-1-A 43.239 0 (3)7-0-08:]9 MCX-20 A-1{ 4.802 O (3) 74-08:13 OPEN A-1-A 54.617 (3) 74-08:74 MG-1a A+2 12.706 4Q (3) 74-08:76 MCX-20 A-1-B 95.387 O5 (3)74-08:7I MCX-20 A-1C 37.703 ''aa SS. N~1aP x C O M m '1 Z 7 O 6 O 3 O O S s¢ s9 Mu LEGEND - - - CFD BOUNDARY e q tl~ Filed in the office of the Director of Finance of the County of Hawaii on April 23 , 2008 Director of Fina ce of the County o PROPOSED BOUNDARIES OF EXHIBIT HAWAII COUNTY COMMUNITY FACILITIES DISTRICT NO. 2-2008 (KAMANU STREET EXTENSION) A ao„tl Prepared by: Akinaka & Associates, Ltd. Consulting Engineers Date: 3/6/2008 Exhibit B Description of Authorized Improvements The improvements to be funded for the Proposed District shall include: (a) a 60-foot Roadway, with curbs, gutters and sidewalks; and (b) related facilities and improvements, including grade adjustment (retaining) walls, a "ground bridge" over the finger of the burial cave extending through the Kamanu Street Right-of-Way, sewer lines, water mains, drainage facilities, street lights and overhead electrical, telephone and CATV lines. All of the improvements to be funded will be owned by the County, except for certain non-governmental utility lines, consisting of overhead electrical, telephone and CATV lines. B-1 O O M M O O N Oct M r N M N M X cc h o U yNy a c m c p 2 2 O W O W O e cCc O n N O N C* 3 N O pj M V: ~ t U a ai c N p C c C 2 p y C > C _ p 3 O E'~ U N ~ J N v W is _m 42 d m c- Cc @ d S ~ o E V1 Q 2 ° m c m S (n c r E N H N J Q O y= i cc v 4) °Ud Y. C N n G1 C 9 A c° a 3 N 3 0 a H£ ° E m d m a w = N L Q O m Y 7 9 > o N F- p 3 d U y C m a m N Q p a d m d z m E Q a n C o, E A y U! 2 2 N 0O C W n a a H ¢ E o m F U 0 H - aO N N P 0 ' ~ f7 1'1 5 e N n N ~ a° m z N C ~ O ' M V MN F e N N O d m 4 ~ M ~ N N 0 U rnnrc~ N m e N b M Cr £ ¢ m N r OM ~ oR Y w N r r y W 1 ~p ' ias pC L a i_$ N 'J N N O a c 'a N ah i0, m O N O M H ~ e O aDM ~ w k U Cl! ' Ci n M M NIA Ip c~ e a m c~ e v Q t0 N r ~ v O O ~ r ~ 3 a 6 y m p a U C ~ a O C J ~0 Y ~y U W y m w U c Y 3 `o c o w _N E a m & w Z d Y w o 5 m ~ `a ro E Nv oo E n M N r S a 2 o s N 9999 d w o00o E 'o d r Z v Y n¢nn I«4 v H 0 LL AAAn ~ ~ ~ ~ a v o °o o M.2 m 3 Lo v - H C o It 4 a w O fR V» w 0 0 0 of N - Ott a ~ ca 'n o vi c c u y 0 m c E o ~ m v c 2 2 a 0 d c N N C t v N J U ~ - C O J W J o E a"pi~ O y ~ N y J 6~ ~ ypo O' Q y N u y mt c C ~ C Y 0 0 L ~ C d y O O m E m c n ~ $ m m m m °c `o y W o Y a?oN U 13p L « m J Ol 6 O C Y 0' y'Q m J O U O N U C 'O j N N N U C w w o n c C C N 3E S$ a 5 j o A cl m O `o voi E a o U E V N ry U H i5 N C y ~ _Y y m m cmf ac °di b e C O N c c c C co 9E 12 E a ~p 3 U U 0 •c0 m m m o m pia `p~ 3 C N C C_ o o N c c ep o 2 N p c 'm o o_ LL t E c E ,2 m e w N 10 U N c lL v o m p' p a e a O O LL p O c c l6 V y w ~Z m m m U w a cX $ 2'o Q U' 0) c A2 :3 m a M T m O m J O O N« r in c a F-U V U ~ Y U O U U H 0 z0Um Jo h Table 3 County of Hawaii CFD No. 2-2008 (Kamanu Street Extension) Bond Analysis Summary Bond Assumptions Average Effective Interest Rate 8.00% Bond Term (in Years) 30 Issuance Cost / Underwriter's Discount/ Admin. Costs as a % of Bond Issue 6.91% Reserve Fund as a % of Bond Issue 8.88% Capitalized Interest as a % of Bond Issue 14.90% Years of Capitalized Interest in Bond Issue 2.0 Annual % Special Tax Increase 0.00% Bond Sources Number of Issues: 1 Total Year of Bond Issue Bonds Issued Bond Issue 1st $12,370,000 2008 Bond Uses Construction Costs Funded by Bonds (Future $8,572,000 Reserve Fund $1,099,000 Capitalized Interest $1,844,000 Issuance Costs / Underwriter's Discount / Admin. Costs during Cap i Period $855,000 Total $12,370,000 Special Tax Revenue Developed Property Special Taxes $27,167,000 Undeveloped Property Special Taxes $2,850,000 Total Special Taxes Levied $30,017,000 Special Tax Rates (FY 2008-09) Level Maximum Annual Special Tax per Acre (Developed Property) MG-1a $3,150 MCX-20 $7,830 Level Maximum Annual Special Tax per Acre (Undeveloped Property) $7,830 Includes increased issuance costs related to a potential second bond issue to reimburse the County. Source: Goodwin Consulting Group, Inc. 0411612008 ~ • y~ ~ ~ 1Q ee ee ee ee e'e e~ pa° pX aC aC 34 X X e~ X d° ~ ~ ~ ve e~ X e~ e~ e~ e~ ,C LG C Q Q •1 N N n n m N r O S O O O O O O S S S S S O O O O O O S S S 2$ C• Z Z ri a a o 0 0 o c o d o 0 0 0 0 0 0 0 o c o 0 0 U E q• d O W N YW] COl rv N N N N N N Y] N N N Vl N N ,f) N N YI N N VI N N O O F O E Y1 n n fY W 0 b b W W ,O fY 10 1• fO 0 W ,Y b ,O fY 1O f0 1O fO N b W ,O E W Ly Q Q O W t0 ICI N W N N lh N N N N N N N N N rv W W N N N N H N w U P 3 3 - - - - - - 3 - N N ' f - - - - - - - - - - - - - - - - - - W f N N N N N p p N N N N N N N N N N N N N N N N N p N N N N N N N N r n n n n n r r r n n n n n r r n n n a ; ~ ,p W N N N W W b W m ry N W b b ,Y W W N N b W ,O N N N N N N N N N _ N N N N N N N N _ N N N N V b C N ID p • O - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 rv N N N N N N N N N N N N N N N p N N N N N N N N p N N N N N N N N , , , , , , , , , , , , , , , , , , , , , , m a~, o mN o ''N ° O ~ N N y N 0 M W W m Q F u W b N O N N m N 6 K J N N N N N N N N p N N N N N N N N p M M N N N N N N N N p N N N N rv n a n ~~pp ,,pp r ~~pp n n r r n n r r r • T Y ' ' b N N ~ O W N N N N N N N N N N (WV_ N N N N N N N N N N Y 1` 6 Lyy O ~p m ~ p N Y N O b rv t0 N ~ ~ f N ,O 7 Q f 1 O N N O r e- ~ N N N N N p p N N N N N N N N p N N N N N N N p N N N N N N N N N r b W O N 10 Y N b n b W O N N Y N b r b W O. 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