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FOR IMMEDIATE RELEASE                                       May 31, 2005

Release M-39






Honolulu Mayor Mufi Hannemann today (Tuesday, May 31, 2005) announced the creation of the City Asset Management Review Team to examine all of the real property owned by the City with an eye toward recommending the best value and use of land the City owns.


“I know there’s a temptation, when money is tight, to look at selling off land to balance the budget,” Mayor Hannemann said. “Before we do that, we want to take a comprehensive look at all of our City property, and whether or not we should dispose of them and how best to do that.”


Under auspices of the City Department of Budget and Fiscal Services, the Asset Management Review Team will also examine the more than 700 parcels of land the city owns or manages.


The asset management review is an outgrowth of the Mayor’s Review, a comprehensive look at City finances and operations by a blue-ribbon panel that was completed in the opening months of the mayor’s administration. Paul Yonamine, the mayor’s volunteer senior advisor, and John Zabriskie, volunteer policy advisor, headed the Mayor’s Review and will also work closely with the Asset Management Review Team.


Jeffrey C. Dinsmore, vice president of development-Hawaii Region for General Growth Properties and former general manager of Victoria Ward, Ltd., will be chairman of the Asset Management Review Team.


The other members are:

·       Jeffrey G. Arce, a partner in The MacNaughton Group, the Hawaii-based real estate-oriented development company.


·       Barbara A. Campbell, vice president for retail development and leasing for Outrigger Enterprises, Inc.


·       Kenwei Chong, Partner with Box To Go, LLC, a Hawaii-based storage concepts concern, and E&O Trading Company and E&O Development, LLC, which operate four restaurants in California and Hawaii.


·       Karl Essig, advisory director of the international banking and securities firm  Morgan Stanley, where he has worked for 25 years.


·       Bennette M. Evangelista, vice president and regional director for community relations with Actus Lend Lease, LLC., and former senior vice president with Central Pacific Bank.


·       Sanford Murata, a financial consultant who formerly served as director of the Kamehameha Schools’ Commercial Assets Division.


·       John Reed, former Duty Free Shoppers executive as president of DFS/Hawaii-Japan,  and co-founder of BriteSmile, Inc.


·       Marc C. Tilker, president and CEO of the Marathon Group of Companies, which include BEI Hawaii, HT&T Hawaii and BES.


·       Craig Watase, president of Mark Development.


·       Mary Worrall, a Realtor who’s president and principal broker of her own firm, Mary Worrall and Associates.






             Bill Brennan, 527-6928

            Mark Matsunaga, 527-5767



Tuesday, May 31, 2005

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