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FOR IMMEDIATE RELEASE                                         June 8, 2005

Release M-40





Honolulu Mayor Mufi Hannemann today announced that the City has collected $522,981.56 in delinquent property taxes owned on two large parcels of land in Waikane Valley.


Property taxes had not been paid since 1995 on the parcels, which cover 326.8 acres and 1,116.7 acres. The larger parcel is zoned for preservation and lies within a state conservation district. The smaller parcel is zoned for agricultural use and includes some dwellings with addresses on Waiahole Valley Road.


The two parcels of land lie next to other land in Waikane that was used by the military for live fire training years ago.


The two parcels were owned by Waikane Investment, which filed for Chapter 11 bankruptcy  in 2003, the day before the City was scheduled to sell it because of tax delinquency. The filing blocked the City from moving forward with the sale.


The bankruptcy case was dismissed in June 2004. Following that, the City Department of the  Corporation Counsel worked with all the parties involved to conclude a private sale of both parcels to the Royal/Fountains, LLC, which held the mortgage on the property and had sued for foreclosure.


The sale produced payment in full to the City of all taxes, interest, penalties and expenses.


Mayor Hannemann credited the Delinquent Collections Branch of the Department of Budget and Fiscal Servicesí Treasury Division and the Department of the Corporation Counsel for their pursuit of the funds.






            Mark Matsunaga, 527-5767

            Bill Brennan, 527-6928


Wednesday, June 08, 2005

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