Maui County gets upgraded credit rating

WAILUKU – Maui County’s credit rating has been raised to AA – an upgrade that will improve the county’s ability to borrow money.

Fitch Rating and Standard & Poor’s raised the county’s credit rating from AA- to AA. Moody’s upgraded its rating of the county’s bond debt from Aa3 to Aa2.

The grades are considered by lenders in setting interest rates on county-issued bonds. Higher ratings often mean lower interest rates, reducing the cost of debt for taxpayers.

The county will be issuing around $35 million in bonds in January, to fund infrastructure projects.

County Finance Director Kalbert Young said the upgrade was “significant,” especially in light of the slowing economic climate in the state and across the country.

“It acknowledges a number of significant financial strengths of the county, some of which were the result of very proactive measures,” Young said.

In recent years, the county administration and Maui County Council have taken steps, such as establishing an emergency cash fund, and reducing the amount of money left unspent by departments from year to year, with an eye toward strengthening the county’s financial position.

“The county has overcome many challenges over the past 10 years to now be in a fiscal position of having a concrete financial base,” said Council Chairman Riki Hokama.

cancel the declaration of drought for Upcountry Maui

WAILUKU — The Maui Board of Water Supply unanimously agreed today to support and recommend that the Department of Water Supply cancel the declaration of drought for Upcountry Maui, and continue the request for a voluntary 10 percent reduction in water consumption for customers whose water is supplied by the Central Maui Water System.

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1,000-home Hawaii subdivision planned

A California partnership is moving ahead with plans to develop a nearly 1,000-home subdivision in south-central Maui despite opposition from the County Department of Planning and some nearby residents.

Ma'alaea Properties LLC recently filed a draft environmental impact statement for its estimated $400 million project called Ma'alaea Mauka proposed for 257 acres of former sugar-cane fields south of Wailuku.

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the old Kahului Shopping Center

Alexander & Baldwin's plan for redeveloping the old Kahului Shopping Center on Maui includes a novel plan for dividing the project into condominiums.

Its subsidiary, A&B Properties, has proposed using a nested condominium approach for the mixed-use Kahului Town Center.

Nested condominiums have been used on the Mainland in large, mixed-use urban projects, where residential units and commercial units are managed by separate associations, said Kahului attorney Rick Kiefer, who presented the A&B plan to the state Real Estate Commission in October.

No other projects in Hawaii, to date, have proposed using nested condominiums, said Cynthia Yee, the commission's condominium specialist.

County sets up Web site to report storm damage

WAILUKU – With more public parks open and services restored around Maui County, county officials are turning their attention to assessing the damages and losses from the powerful Kona storm that struck last week.

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The Maui County Civil Defense Agency announced Tuesday reports on storm-related damages can be filed online at www.mauicounty.gov through a link to “report storm damage.” Reports also can be called in to 270-7620 or 270-7285.

Senator Fred Hemmings IE: Superferry

Thank you for taking the time to communicate regarding the Superferry. I support the overwhelming majority of Hawaii's people who want and support the Superferry. It is my opinion that the courts have made flawed decisions based on a flawed law. This has happened in the past and the legislature has stepped in to amended laws to protect the peoples' interests. The legislature should make laws—not the courts. Hawaii needs and deserves balanced environmental laws that reasonably protect our natural resources and our economy. In the past, far too many opportunities have been lost to the loudest and often ill-informed protest groups. Hopefully, common sense will prevail this time.

We need an immediate special session of the legislature to amend the law in such a way as to balance the genuine interest of protecting our natural resources and our imperiled economic environment. We must start thinking ahead. Your support in calling for a special session would be most beneficial. We all share the same goal—to protect the beautiful state we live in and to have fair and balanced laws. Thank you for expressing your opinion.

Aloha,

Senator Fred Hemmings
Senate Republican Leader
State of Hawaii