HomeMy WebLinkAboutCOM 0235.004 2012-2014Public Hearing
Kona Ocean View Properties
Water System Improvement District
Department of Water Supply
County of Hawaii
June 4, 2013
Proposed Improvements
� ROADWAY PRIVATE
PROPERTY
C
2
Timeline
Major Steps /Approvals Required
• Bid Opened - February 2013
• Resolution - February 2013
• Public Hearing -June 2013
• Assessment /Bond Ordinance -July 2013
• Issue I.D. Bond - August 2013
• Start Construction - November 2013
■ Substantial Completion - August 2014
Department of Finance
Treasury Division
Agency responsible for I.D.
administration.
Treasurer Mike Okumoto Ph: 933 -6240
Accountant Sally Ganiron Ph: 933 -6229
Project Financing
■ $1,569,369 Estimated cost of project
■ $1,169,000
■ $ 353,369
■ $ 47,000
Loan from USDA RUS
Grant from USDA RUS
DWS advance
■ $1,216,000 financed for 35 years @
3.25%
Individual Lot Owner
Costs
■ Total cost per lot owner: $15,012.35
■ Installment charge: $196.00 per
quarter includes $12 for an
administrative fee
■For the first year during the
construction phase, lot owners will be
assessed for the accrued interest only.
Other Considerations
■ Prepayment penalty: 3% of outstanding
balance. Imposed 30 days after the
publication of the assessment ordinance.
The prepayment penalty is waived if the pay
off is received within the 30 -day window.
• Default occurs if the quarterly installment is
unpaid 120 days after due date.
• Financing for this project is secured by a
special assessment lien on each property.
i-
Summary of Costs
m One -time charges
Facilities charge: $1,190
Credit Deposit: $ 150
Meter Drop -in fee: $ 75
Consumer waterline cost: varies
■ Recurring charges
Quarterly assessment: $196.00
Bimonthly water bill: varies