The Garden Island
Notice #: 0001403770-01
Public Hearings


NOT TO EXCEED $105,000,000 OF

Notice is hereby given that on Thursday, February 9, 2023, a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code“), will be held by the City and County of Honolulu (the “City“) Department of Planning and Permitting with respect to the proposed issuance by the City of its Multifamily Housing Revenue Bonds (Komohale Maunakea Project), Series 2023 in one or more series (the “Bonds“), in an aggregate principal amount not to exceed $105,000,000. The hearing will commence at 9:30 a.m., or as soon thereafter as the matter can be heard, and will be held at the offices of the Department of Planning and Permitting at Frank F. Fasi Municipal Building at 650 South King Street, 7th floor Conference Room, Honolulu, Hawaii 96813.

The Bonds are expected to be issued as exempt facility bonds for a qualified residential rental project pursuant to Section 142(d) of the Code and Part III of Chapter 39, Hawaii Revised Statutes, as amended. The proceeds from the sale of the Bonds will be loaned to Komohale Maunakea Venture, LP, a Hawaii limited partnership (the “Borrower“), and will be used to (a) finance the acquisition, rehabilitation, renovation, construction and equipping of certain facilities for a qualified residential rental project under section 142(d) of the Code (the “Facilities“), (b) pay the costs of issuing the Bonds, and (c) pay capitalized interest with respect to the Bonds (collectively, the “Project“). The Facilities will be owned by the Borrower and operated by an independent managing agent selected by the Borrower. The Facilities consist of the fee simple interest in an existing 32 story, 378 unit residential apartment building known as Maunakea Tower located at 1245 Maunakea Street, near the Central Business District of Honolulu Hawaii.

The Bonds will be special limited obligations of the City payable solely from the loan re-payments to be made by the Borrower to the City from the revenues of the Project, and certain funds and accounts established by the trust indenture for the Bonds. The Bonds will not constitute a general or moral obligation of the City or the State of Hawaii.

The hearing will provide a reasonable opportunity to be heard for persons wishing to express their views on the merits of the Project, the nature and location of the Facilities, the issuance of the Bonds or related matters. Oral comments will be limited to 10 minutes per speaker. A person wishing to speak at the hearing will be asked to provide his or her name, address and the person(s) or entity(ies) he or she represents, if any, prior to speaking. Written comments will be accepted by the Department of Planning and Permitting, Attention: Mr. Craig Hirai, 650 South King Street, 7th Floor, Honolulu, Hawai`i 96813, or by email to but must be received by the close of the hearing. Any persons needing special accommodations under the Americans with Disabilities Act should call (808)
768-8860 not later than 24 hours prior to the time and date of the hearing.

Further information may be obtained by calling the Department at (808) 768-8860 on regular business days (Monday-Friday) between 7:45 a.m. and 4:30 p.m.
Dated: February 1, 2023
(SA1403770 2/1/23)