Farewell to Reform|
Council Approves Rail Transit Development Agreement (Astrid Monson)
Summary of Rail Transit Capital Financing Plan
Consensus Questions (Health Care)
Architectural Planner Donald Monson Dies (Murry Engle)
General Membership Meeting
Mr. Oswald Stender, a Bishop Estate Trustee, was the guest speaker at a meeting of the Honolulu Leasehold Conversion Study Committee on November 5. Stender stated that Bishop Estate has 113 condominium projects with 14,000 leases occupying 900 acres of their 338,000 acres of land holdings. Fee interests have been offered to the lessees in 12 of their projects. He added that more than 92% of the condominium owners have chosen to buy. Additional conversions are planned by Bishop Estate, but the rate of conversion has to be controlled to meet the Internal Revenue Service Regulations.
Stender stated that residential leaseholds are not economical and too emotional. Therefore, they want to completely get out of the residential leasehold projects. Bishop Estate will not continue to develop residential leasehold projects. The final two in Hawaii Kai were part of existing agreements so they are forced to develop them. Any homes or residential condominiums developed in the future will be sold in fee. Stender stressed the Bishop Estate will always oppose mandatory conversion. However, they will never throw anyone out. They will work out alternative agreements with individuals who have problems.
Stender suggested that some solution must be worked out for the small land owners so that they could convert without losing large amounts in taxes. He also stated that we need some kind of antispeculation tax on residential sales.
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