HAWAII

Kewalo gets $4.9M for improvements

The Hawaii Community Development Authority board yesterday approved $4.9 million for the design and construction of improvements to Kewalo Basin.

HCDA is expecting to take over management of Kewalo from the state Department of Transportation in March. Almar, which manages Ko Olina Marina, has been selected to manage Kewalo Basin.

The state agency envisions a new harbor with floating aluminum docks, as well as better pedestrian and vehicular access, and possibly a fuel dock, and restrooms.

HCDA director Anthony Ching said the improvements would be subject to participation with stakeholders, or boat slip tenants.

The state agency yesterday also approved a memorandum of understanding with DOT to continue services such as trash pickup after March, until the services are contracted out.

Maui Land & Pine secures funding

Maui Land & Pineapple Co. said yesterday it has secured the funding needed to complete construction of the 146-unit Ritz-Carlton Club and Residences at Kapalua Bay.

Lehman Brothers cut off funding in September as the investment bank went bankrupt.

Central Pacific Bank is replacing Lehman as the administrative agent under the loan. Lehman will provide $35 million of the $120 million in completion financing, with other co-lenders providing the balance, MLP said.

In November, MLP reported the project was 83 percent complete. At the time, the company said more than $200 million of the project's $370 million in financing had already been funded.

Disaster assistance loans open

Disaster assistance for damage or losses resulting from the severe storms of December 10-16 may depend on an evaluation by the Small Business Administration.

Loan applications from the SBA must be submitted before the March 6 deadline to be eligible for federal aid. Low-interest SBA loans are the primary source of help for homeowners, renters and businesses of all sizes with expenses caused by uninsured disaster losses of property.

SBA loan information and application forms will be available through March 6 by calling SBA's customer service center at (800) 659-2955, e-mailing .(JavaScript must be enabled to view this email address), or visiting www.sba.gov/services/disasterassistance.

PEOPLE

Citigroup's Pandit to take $1 salary

NEW YORK » Citigroup Inc. Chief Executive Officer Vikram Pandit said he will take a salary of $1 and no bonus until the bank, which has accepted $45 billion in government bailout money, returns to profitability.

“;I get the new reality and I will make sure Citi gets it as well,”; Pandit said yesterday in testimony before the U.S. House Financial Services Committee. Lawmakers called eight bank CEOs to Washington to explain how they were using their portion of the government's $350 billion of rescue funds to boost credit.

Citigroup and the nation's biggest banks have come under fire from lawmakers who criticized bonus payments and corporate expenses such as new executive jets at a time when the government was giving them billions to revive the economy.