MAYOR: CITY GAINS KAPOLEI LAND, TAKES OVER ROAD WORK
(Wed., March 24, 2010)—Mayor Mufi Hannemann and Kapolei Property Development, LLC today signed a Memorandum of Agreement that will provide the City with 34 acres of prime Kapolei real estate in exchange for completing the construction of Kapolei Parkway and resurfacing Kamokila Boulevard.
“This is a true win-win agreement that will benefit everyone for years to come, and will help Kapolei continue to grow and prosper,” Hannemann said. “The City will acquire valuable land near Kapolei Hale, the new Judiciary complex and other government facilities, and will ensure that important road work is completed quickly.”
Kapolei Property Development had been required to complete Kapolei Parkway as a condition of an earlier subdivision approval. The company recently informed Hannemann that, given the poor economy, the work would take longer than anticipated. This was a concern for the City, since Kapolei Parkway is a major thoroughfare and is integral to Kapolei’s growth and success. Careful negotiations produced the agreement signed today, providing a net benefit to the City of approximately $24.6 million.
The 34 acres gained by the City include eight lots fronting Kapolei Parkway. The package includes 21 acres that had been designated as “Restricted Lands,” with the requirement that they be used for government purposes. The restriction will be removed by their conveyance to the City, adding value to the properties. The City will gain 13 additional acres without use restrictions. The City expects the Kapolei Parkway work to be completed by early 2014.
“Completion of Kapolei Parkway will not only enhance the value of the adjoining properties, but all of Kapolei,” Hannemann said. “This agreement will also allow us to move faster towards transforming Kapolei not just into Oahu’s second city, but a great city.”
The City Council unanimously approved a resolution on March 17 that authorized today’s agreement.
Media contact: Bill Brennan, Mayor’s Office, 768-6928