HomeMy WebLinkAboutREP FC 259 03/11/2008 2006-2008
REPORT OF THE
COMMITTEE ON FINANCE
DATE: March 11, 2008 Re: Comm. No. 1001/Res. No. 528-08
PLACE: Sheraton Keauhou Bay Resort & Spa
78-128 `Ehukai Street
Kailua-Kona, Hawaii
TIME: 1:57 p.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution No. 528-08, reports as follows:
Resolution No. 528-08, transmitted by Council Member Emily I. Naeole, via Communication
No. 1001, dated February 5, 2008, approval of a residential assistance program for qualified
County of Hawaii employees, which would serve as a helpful recruitment tool, assisting
departments and agencies in not only attracting, but retaining high-quality public employees.
The Program will consist of the following conditions:
1. It would be limited to one-time participation only;
2. The loan application can only be submitted after successful completion of 12 months
of employment;
3. The mayor may waive the 12 month period at his or her discretion on a case-by-case
basis, particularly for recruitment purposes;
4. The loan would be available on a first-come, first-serve basis, but would be limited to
20 loans per year;
5. When the Program limit is reached, County employees will be placed on a waiting list
and will be notified when a loan is available;
6. The waiting list will be administered by the Department of Finance;
7. The loan would be toward the down payment of the purchase of a home;
8. The home purchased is not required to be "new" construction;
9. The property must be owner occupied;
10. The loan is available only to first-time Hawaii Island homeowners;
11. The maximum loan amount may not exceed $20,000;
12. The duration of the loan would be up to 10 years; and
13. For each year the employee works for the County of Hawaii, the County would pay
$2,000 toward the principal of the loan; and
FC REPORT NO. 259
Communication No. 1001
Resolution No. 528-08
Page -2-
A motion was made by Committee Member Pete Hoffmann to postpone this measure to the
March 11, 2008 Committee on Finance meeting. This will provide Council Member
Emily Naeole to meet with Corporation Counsel and Department of Human Resources to further
discuss the measure.
Your Committee on Finance heard this measure, and forwards Resolution No. 528-08 to Council
with a negative recommendation.
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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
PILAGO x DOMINIC YAGON , C WA YAGONG x FC REP N9
YOSHIMOTO x ADOPTE M~T20De