Honolulu Star-Bulletin Local News

Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, April 8, 1997

Hawaii County to foreclose
on 1,150 Kona acres

HILO -- Hawaii County is preparing to foreclose on 1,150 acres of land near Kailua-Kona because a Japanese developer stopped making payments on the improvement district.

Tokyo Green Hawaii Inc. owes more than $1 million in delinquent payments on land along Hina Lani Street between Kaloko Industrial Park and the Kona Heavens subdivision, said county Treasurer Frank Manalili. The four land parcels, worth $12 million, will be auctioned off to the highest bidder on June 4, Manalili said.

Whoever buys the land takes over the payments to investors who bought bonds to pay for the county's largest improvement district, he said.

The $17 million improvement district financed construction of Hina Lina Street, a water line and other improvements.

City committee
OKs Royal Kunia homes

The City Council Zoning Committee has approved a plan to allow developers of Royal Kunia to use agricultural land for a third phase of the development.

The committee yesterday voted 3-2 in favor of the approval, even though developer Herbert Horita and his Halekua Development Co. haven't begun work on phase two, which was approved by the council in 1995.

Al Chee of Halekua Development says approval for the third phase is needed because lenders won't finance the project until they know the company has land in title and can carry out is long-range plan to pay off its debts.

Council members Donna Kim and Steve Holmes voted against the project, with Kim questioning Horita's credibility and lack of warning to the council. Councilmen Duke Bainum, Mufi Hannemann and John DeSoto voted in favor. The full council votes next week.

U.S., Singapore sign open-skies pact

SINGAPORE -- The United States and Singapore signed an open skies agreement today that lifts restrictions on airlines flying between the two nations.

The pact allows market forces, -- not governments -- determine airline prices, frequencies and routes, said a U.S. official. Washington expects to sign similar deals with South Korea, Taiwan, Malaysia, Brunei and New Zealand in the near future.

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