HomeMy WebLinkAboutREP FC 089 2018/03/13 (2016-2018) REPORT OF THE
COMMITTEE ON FINANCE
DATE: March 13, 2018 Re: Comm. No. 783/Res. No. 522-18
PLACE: Council Chambers
Hilo, Hawai`i
TIME: 9:03 a.m.
Council Chair and Members
Hawai`i County Council
Hilo, Hawai`i 96720
Your Committee on Finance, to which was referred Resolution No. 522-18, reports as follows:
Resolution 522-18, transmitted by Finance Director Deanna S. Sako, via Communication No. 783
dated February 23, 2018, accepts final payment of in-lieu fees in the amount of$50,000 by KW Kona
Investors, LLC, to satisfy Condition "B" of Ordinance No. 87-113.
This resolution completes payment on a$100,000 in-lieu fee affordable housing requirement
to allow for the development of 50 hotel units at Ka upulehu,North Kona, covered by Tax Map
Key: 7-2-010:010.
Neil Gyotoku, Housing Administrator, explained that this is an in-lieu payment agreement with
KW Kona Investors, LLC, for the development of Kona Village. This is the second point of payment,
which goes into the Housing Revolving fund, and may be used for projects within a twenty-five (25)
mile radius.
Committee on Finance is in accord with the purpose and intent of Resolution No. 522-18, and
recommends its adoption.
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AYES NOES ABS EX Respectfully submitted,
CHUNG X
DAVID x COMMITTEE ON FINANCE
EOFF X
KANUHA X 41111111 .
LEE LOY X e,111r,Olf_
O'HARA X
POINDEXTER x MAILE DAVI/,
RICHARDS X FC REPORT NO.: 89
RUGGLES x ADOPTED: MAR 2 8 2018