HomeMy WebLinkAboutREP FC 356 11/06/2008 2006-2008REPORT OF THE
COMMITTEE ON FINANCE
DATE: November 6, 2008
PLACE: Sheraton Keauhou Bay Resort & Hotel
78-128 `Ehukai Street
Kailua-Kona, Hawaii
TIME: 1:33 p.m.
Council Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Re: Comm. No. 1530/Bill No. 388
Your Committee on Finance, to which was referred Bill No. 388, reports as follows:
Bill No. 388, transmitted by Director of Finance William Takaba, via Communication No. 1530, dated
October 16, 2008, amends Ordinance No. 08-79, as amended, the Capital Budget, ending June 30, 2009,
by adding the following project:
PLANNING:
Waikoloa Connector Roads 110.399.5394.69 $350,000
Funds for this appropriation increase shall be provided from:
General Obligation Bonds, Capital Projects Fund - $350,000
Fund Balance and/or Other Sources
The objective of this appropriation is to study the feasibility to use a Community Facilities District (CFD)
to finance the construction of a connector road from Waikoloa Village to Queen Ka`ahumanu Highway.
A portion of the appropriation in the amount of $35,000 will be used to complete the CFD feasibility
study for this connector road. If the results are feasible, additional allotments from this appropriation
would be requested to fund the creation of the CFD, with the possibility that all or a portion of the
formation costs advanced by the County would be reimbursed by the CFD and/or developers.
Increasing congestion, public safety concerns for efficient evacuation, and proposed developments such as
the County's affordable housing project, has created a need for an alternate access road in the Waikoloa
Village. A CFD has the potential to accelerate the construction of this road and to allocate a proportionate
share of those costs among existing residents and new development.
Pursuant to Section 10-6(d), Hawai`i County Charter, the Council may amend the Capital Budget for that
year with atwo-thirds vote.
There was no discussion on this measure.
FC REPORT NO. 356
Bi11388
FC 356-01
Page -2-
Your Committee on Finance is in accord with the purpose and intent of Bill No. 388, and recommends it
pass first reading.
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AYES NOES A&E EX
FORD X
HIGA X
HOFFMANN X
IKEDA X
JACOBSON X
NAEOLE X
PILAGO X
YACONG X
YOSHIMOTO X
Respectfully submitted,
COMMITTEE ON FINANCE