Council Bills and Resolutions Text(Back | View Word Processing version to see any attachments)
REQUESTING THE CITY AUDITOR TO CONDUCT A STUDY OF CITY-OWNED RESIDENTIAL AND COMMERCIAL PROPERTIES.
WHEREAS, it has been reported to the Council that the City owns 12
residential and mixed-use properties that are managed by third parties through contracts administered
by the Department of Facilities Maintenance; and
WHEREAS, the properties primarily serve low- and moderate-income tenants and vary greatly in
age, size, condition, unit mix and location; and
WHEREAS, the properties range in type from Bachelors Quarters, consisting of 10 renovated,
wood-framed residential units built in 1938 in Ewa Villages, to Marin Tower, a
236-unit, 28-story high-rise residential and commercial project built in 1994 in Chinatown; and
WHEREAS, these properties were constructed, purchased and renovated using a variety of funding
sources, including general obligation bonds, federal grants and CDBG funds; and
WHEREAS, it is difficult to determine the impact of these properties on the
Citys annual operating budget; now, therefore,
BE IT RESOLVED by the Council of the City and County of Honolulu that the City Auditor is requested to conduct a study of city-owned residential and commercial properties; and
BE IT FURTHER RESOLVED that the City Auditor expressly include the following in the study:
1. An assessment of the physical condition and occupancy levels of these assets.
2. A review of operating statements for the past several years to determine if these properties are producing a positive or negative net cash flow for the City.
3. A determination of the market value of the properties.
4. A recommendation of a process for the disposition of those properties that will yield the greatest net return to the City.
BE IT FURTHER RESOLVED that the City Auditor transmit the findings and recommendations of the study to the Council on or before April 30, 2004; and
BE IT FINALLY RESOLVED that copies of this Resolution be transmitted to the
Mayor, the Managing Director, the Director of Budget and Fiscal Services, the Director
of the Department of Facilities Maintenance and the City Auditor.