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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: March 13, 2018 Re: Comm. No. 783/Res. No. 522-18 <br /> PLACE: Council Chambers <br /> Hilo, Hawai`i <br /> TIME: 9:03 a.m. <br /> Council Chair and Members <br /> Hawai`i County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Resolution No. 522-18, reports as follows: <br /> Resolution 522-18, transmitted by Finance Director Deanna S. Sako, via Communication No. 783 <br /> dated February 23, 2018, accepts final payment of in-lieu fees in the amount of$50,000 by KW Kona <br /> Investors, LLC, to satisfy Condition "B" of Ordinance No. 87-113. <br /> This resolution completes payment on a$100,000 in-lieu fee affordable housing requirement <br /> to allow for the development of 50 hotel units at Ka upulehu,North Kona, covered by Tax Map <br /> Key: 7-2-010:010. <br /> Neil Gyotoku, Housing Administrator, explained that this is an in-lieu payment agreement with <br /> KW Kona Investors, LLC, for the development of Kona Village. This is the second point of payment, <br /> which goes into the Housing Revolving fund, and may be used for projects within a twenty-five (25) <br /> mile radius. <br /> Committee on Finance is in accord with the purpose and intent of Resolution No. 522-18, and <br /> recommends its adoption. <br /> dmm <br /> AYES NOES ABS EX Respectfully submitted, <br /> CHUNG X <br /> DAVID x COMMITTEE ON FINANCE <br /> EOFF X <br /> KANUHA X 41111111 . <br /> LEE LOY X e,111r,Olf_ <br /> O'HARA X <br /> POINDEXTER x MAILE DAVI/, <br /> RICHARDS X FC REPORT NO.: 89 <br /> RUGGLES x ADOPTED: MAR 2 8 2018 <br />