HCDA reports $6 million transfer for Central Kakaako parcel; executive director evaluation discussed in closed session

The Hawaiʻi Community Development Authority reported that it transferred $5,000,000 from a capital improvement program appropriation and $1,000,000 from its Reserve Housing Special Fund, plus other closing costs, to acquire a parcel in Central Kakaako intended for workforce housing and a community facility, Executive Director Nakamoto told the board during the authority's monthly report on financial highlights for August 2025.

The transfer was described by Nakamoto during the authority's regular meeting after an executive session in which the board received legal counsel related to the executive director's "2020 5" annual evaluation and the status of a board-approved salary adjustment. The chair said that during the executive session no decisions were made and no vote was taken.

Why it matters: The funding move uses capital and housing reserve dollars to acquire land in Central Kakaako, a Honolulu neighborhood where development and affordable-housing discussions have been ongoing. Using those funds for a purchase intended for workforce housing and a community facility affects the authority's available funding for other projects and advances the authority's stated housing objectives.

Details from the meeting: Nakamoto pointed the board to the packet's monthly financial highlights for August 2025 when describing the transfer. He said the $5,000,000 came from a CIP appropriation and $1,000,000 came from the Reserve Housing Special Fund, and that there were additional closing costs associated with the acquisition. Chief Financial Officer Derek Sasaki was listed as on standby for questions; none were raised by board members during the report.

The meeting opened with the chair summarizing the executive session. The chair said board members "received counsel from the board's attorney related to executive director's 2020 5 annual evaluation and board approved salary adjustment, and staff briefed the board on the status of the salary adjustment," and then stated explicitly that "during the executive session, no decisions were made and no vote was taken." The board then opened and closed the public testimony period after confirming there were no speakers signed up.

No formal votes or motions on either the land purchase or the executive director's evaluation were recorded in the public portion of the meeting. The chair adjourned the session after the monthly report; the meeting record shows the board planned a short break before reconvening.

What was not specified: The packet and public remarks noted the funding sources and the intended uses for the parcel but did not specify the parcel's address, the seller, the total closing-cost figure, or any required follow-up actions or timeline for development. The transcript did not record a board vote approving the purchase during the public meeting.

Next steps: The authority did not announce further public actions or a timeline for development or disposition of the parcel during the portion of the meeting summarized in the transcript.