Ka Wai Ola - Office of Hawaiian Affairs, Volume 8, Number 12, 1 December 1991 — Page 6 Advertisements Column 1 [ADVERTISEMENT]

LEGACY

A* N. ry^ q<-%b ^ emice Paua^ Fee Prices and Single Family Conversion. The high cost of living in Hawaii has been in the headlines a lot lately. From gasoline to houses to food and clothing, Hawaiis economy is fraught with high consumer prices. Kamehameha Schools/Bishop Estate faces these eeonomie pressures daily, just like any other Hawaii, business or resident. KS/BE's mission to provide quality educational opportunities to as many Hawaiians as possible depends on the wise management of our assets during these trying eeonomie times. KS/BE's core asset is the land of Ke Ali'i Bernice Pauahi Bishop. Revenue from Hawaii real estate is the major source of funding for Kamehameha Schools' educational programs. In addition to Kamehameha Schools' Kapalama Heights campus programs, we administer a variety of other educational programs, including a state-wide preschool system, eontinuing education classes, parent-infant education services and post-high school scholarships, serving over 40,000 people eaeh year. Land values that were recently quoted to single family unit lessees reflect prices dictated by a market in whieh we all live and work. While the value of our lands is based on fair market value, lessees brought up a number of concerns. KS/BE recognizes these concerns. We are currently refining various options to ensure an equitable solution. This process is expected to take a few more weeks, after whieh we will be setting up meetings to discuss these options with lessees. We need to address the issue of speculation in residential neighborhoods. Those individuals who drive up the price of Hawaii real estate by "churning" their investments onee they acquire the fee, should expect to pay a premium for their activity. We have enlisted the help of real estate and banking professionals to eome up with some workable options — options whieh will address all sides of the issue, including land speculation and a fair return on assets. Your questions and suggestions are welcomed. Please write to us at: Kamehameha Schools/Bishop Estate Communications Division 567 South King Street, Suite 301 Honolulu, Hawaii 96813 ®Kamehameha Schools/Bishop Estate sponsors this eolumn in the interest of helping people understand its role and mission.