Reported by Star-Bulletin staff & wire
Monday, November 24, 1997
An investment group is in line to buy 6,700 acres on Kauai after MacMillan Development Corp. failed to exercise a right of first refusal to purchase the property. Kauai group to buy 6,700 Amfac acres
Landowner Amfac Land Co. said it will continue with plans to sell the Kealia parcel to Kealia Plantation Co. now that MacMillan elected not to make an offer.
The deal for the parcel, which stretches from the mountains to the sea between Kapaa and Anahola, is expected to be completed in a few weeks, Amfac Land President Tamara Edwards said. The purchase price for the property wasn't disclosed. It had been listed for $19.5 million.
MacMillan, a Canadian developer, had a contract with Amfac to buy the makai portion of the parcel, with the right of first refusal to purchase the entire parcel should another buyer emerge.
Kealia Plantation's principals are Kauai landowners Justin and Michele Hughes.
WASHINGTON - Many of the nation's top economists say the financial turmoil roiling Asia will have little effect on the U.S. economy, predicting it will continue to grow into the next century. Economists: U.S. won't suffer from Asia's woes
"The burgeoning financial crisis in Asia will probably not have a significant impact on prospects for U.S. economic expansion over the next five years," according to the consensus of a poll of 39 forecasters. "Indeed, moderate growth and low inflation are likely to continue at least through the year 2003," said a summary of the survey released today by the National Association for Business Economics.
But the forecasters predicted growth in the gross domestic product will slow to 2.4 percent next year, from 3.7 percent this year. In fact, they say growth during the current quarter already has moderated to a 2.6 percent annual rate from the summer's 3.5 percent.