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https://www.bigislandvideonews.com/2021/...partments/
Only $10,000 *per year* ...
The county is giving away some of the most choice plots of land on the island for ugly “redevelopment” and getting next to nothing in return! This is the best they can do?
Not right!! I had to read it twice. It should be at least this much per month!
Ccat
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They are going to spend millions rehabbing a couple of rundown properties.
That's how it works.
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Banyan Drive is State, not County.
County actually has no say in what leases State may decide to grant.
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What's the alternative? Squatters galore in abandoned buildings? Sell for millions to have rich people live on fenced off private property? Charge a lot of money so that no one wants to build? I'm just very disappointed that it will be a big chain hotel, and not a great one at that.
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Or you know, we could just hand over management of the Banyan area to the County. I wonder how that would go.
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If I recall correctly, the "let County (co-)manage Banyan" proposal failed in the Legislature, for obvious reasons.
Note that County also doesn't control most of the industrial-zoned land, either.
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(09-22-2021, 11:07 PM)Ccat Wrote: https://www.bigislandvideonews.com/2021/...partments/
Only $10,000 *per year* ...
The county is giving away some of the most choice plots of land on the island for ugly “redevelopment” and getting next to nothing in return! This is the best they can do?
Not right!! I had to read it twice. It should be at least this much per month!
Ccat
Its not $10000 a month forever. The rent does increase.
Puna: Our roosters crow first!
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The rent proposed, as the OP stated, IS PER YEAR, the article explains the low rent with this "Tower will pay rent to the State “beginning in year two of the lease (after a one-year rent waiver) in the amount of $10,000 per year, increasing to $20,000 per year in year 11 of the lease, and increasing to $30,000 per year-in year 21 of the lease,” the land board document says. “Although the rent is low for the first 30 years of the lease, it may tum out to be near market rent considering the extent oft he investment required to be made in the property.”"
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There is an extensive amount of investment being paid out by the developer. This includes large sums of money to remove the dilapidated old structures, which more than likely also contain asbestos. This project will revitalize a very blighted area and provide a hundred plus union construction jobs during the process. The resulting hotels will be employing union workers as well.
In most of these leases, property taxes are then paid by the lessee during the term of the lease. State, County and local folks will all benefit from this.
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Carey, you’re right. It is per year!
Puna: Our roosters crow first!
