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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: January 5, 2016 Re: Comm. No. 594/Res. No. 362-16 <br /> PLACE: Council Chambers <br /> Hilo, Hawai`i <br /> TIME: 2:15 p.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Resolution No. 362-16, reports as follows: <br /> Resolution No. 362-16, transmitted by Finance Director Deanna S. Sako, via Communication No. 594 <br /> dated December 16, 2015, authorizes the Director of Finance to negotiate a lease of real property, Old <br /> Job Corps site, situated at Pi`ihonua, South Hilo, County and State of Hawaii, identified as Tax Map <br /> Key: 2-3-026:008, to the Hawaii County Economic Opportunity Council. <br /> This resolution authorizes the Finance Director to negotiate a 10-year lease with two 10-year <br /> renewal options. The property, consisting of 2.263 acres, would be used to develop a self- <br /> sustainable botanical garden, visitor center, and related uses. <br /> Executive Director of the Hawaii County Economic Opportunity Council (HCEOC), Jay Kimura, <br /> came forward for questions. He stated that the preference is to have a longer lease because they <br /> approached a private foundation for funding and it is unsure if the initial ten year lease would be <br /> long enough for the private foundation to provide funding. <br /> Council Member Dennis Onishi suggested a postponement or an amendment for a longer term of <br /> lease, which would allow HCEOC to get larger funds. <br /> Finance Director Deanna Sako stated that the intention is to do additional renewals of the lease. <br /> Ms. Sako stated that she will assist in amending the resolution to authorize a long term lease with <br /> the renewal option, and delete the areas that are specific to time, to be introduced at the next reading. <br /> The vote was then taken with six ayes. Council Members Aaron Chung, Dru Kanuha and Daniel <br /> Paleka were absent and excused. <br /> Pursuant to Chapter 2, Article 19, Section 2-120 of the Hawai`i County Code, the council may, by <br /> resolution approved by a majority of its members, direct the finance director to negotiate the <br /> disposition of real property by leasing it to nonprofit organizations. <br /> FC Report No.: 44 <br />