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Commission approves amended ground-lease deal with Kapolei developer, preserving community benefit
Summary
The Hawaiian Homes Commission approved an amendment to General Lease No. 276 with Kapolei Hawaii Property Company to restructure base ground rent, establish a 15‑year reduced‑rent period starting Dec. 1, 2024, preserve the 4% community‑benefit payment tied to the original contract rent, and require audit rights for DHHL; voice vote carried after an amendment to clarify the post‑reduced‑rent floor.
Linda Chin, acting administrator for the land management division, told the Hawaiian Homes Commission it is recommending approval of a proposed restructuring of the ground lease for General Lease No. 276 with Kapolei Hawaii Property Company (KHPC), the developer of the Kamakana Ali‘i shopping center in Kapolei.
Chin said the amendment would create a 15‑year reduced‑rent period beginning Dec. 1, 2024, and would (1) reset the base ground‑rent payment formulas for that period; (2) phase repayment of an earlier deferred rent balance; and (3) retain a 4% community‑benefit payment, which DHHL staff said will remain based on the contract rent rather than the lower restructured rent. "KHPC shall provide quality cash flow statements, and DHHL retains the right to audit the…
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