HomeMy WebLinkAboutRES 707 Draft 01 2006-2008COUNTY OF HAWAI' I STATE OF HAWAI' I
RESOLUTION NO. '~~~ ®~
RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO AMEND THE EXISTING
LEASE WITH THE HAWAII ISLAND COMMUNITY DEVELOPMENT CORPORATION TO A
TERM OF SIXTY-FIVE (65) YEARS.
WHEREAS, the County of Hawaii owns a parcel containing 132,165
square feet of land located on Ainakea Drive, Kohala, Hawaii, TMK:
3/5-3-11:102 ("Parcel"); and
WHEREAS, Chapter 2, Article 19, Section 2-120(a}(2), Hawaii
County Code, as amended, provides that the County Council may direct
the Finance Director to negotiate the disposition of real property by
lease to non-profit organizations at such rentals and on such terms
and conditions as deemed proper without notice or appraisal; and
WHEREAS, on November 22, 2005, the Hawaii County Council
approved Council Resolution 208-05 ("Resolution"), which authorized
the Director of Finance to negotiate a lease with the Hawaii Island
Community Development Corporation ("HICDC") for the development of a
senior rental housing ("Project") on the Parcel; and
WHEREAS, subsequent to approval of the Resolution, HICDC obtained
approval from the State's Hawaii Housing Finance and Development
Corporation for low-income housing tax credits ("Tax Credit") for the
Project; and
WHEREAS, the State imposes an affordability restriction of sixty-
one (61) years ("Restriction") on its Tax Credit projects; and
WHEREAS, the term of the lease for the Project ("Lease"),
executed on February 22, 2008, is currently fifty-five (55) years; and
WHEREAS, the Lease must be consistent with the Restriction so
that HICDC will be eligible to utilize the Tax Credits; and
WHEREAS, the HICDC will be responsible for compliance with the
Tax Credit program requirements throughout the Restriction period; and
WHEREAS, the State will monitor all aspects of compliance with
the requirements of its Tax Credit program; and
WHEREAS, HICDC needs the Tax Credits to successfully complete
development of the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
HAWAII, that the Finance Director is hereby authorized to amend the
Lease term from fifty-five (55) years to sixty-five (65) years.
BE IT FURTHER~RESOLVED that the Mayor of the County of Hawaii or
his duly authorized representative is hereby authorized to execute the
lease agreement and any other documents required to induce financing
entities to provide funding for the project.
BE IT FURTHER RESOLVED that a copy of this resolution be
transmitted to the Office of the Mayor, the Department of Finance, and
the Office of Housing and Community Development.
Dated at Kona Hawai i, this 13th day of August 2008.
COUNTY COUNCIL
County of Hawai' i
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by the
vote indicated to the right hereof adopted by the COUNCIL
of the County ofHawai'ion August 13, 2008
ATTEST:
~l
COUNTY CLEI
ROLL CALL VOTE
AYES NOES ABS EX
FORD X
HIGA g
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
PILAGO X
YAGONG X
YOSHIMOTO }{
9 0 0 0
Reference C-1350/CHA-..7/22/08
RESOLUTION NO. ~®~ ®8