Monday, November 4, 2024
Hawai'i Free Press

Current Articles | Archives

Saturday, April 13, 2024
Affordable Housing?  HB2328 Bethel Block Bill Secretly a Sweet Deal for Fullard-Leo Family
By Andrew Walden @ 3:37 AM :: 2771 Views :: Ethics, Development

Affordable Housing?  HB2328 Bethel Block Bill Secretly a Sweet Deal for Fullard-Leo Family

by Andrew Walden

HB2328, introduced by Speaker Scott Saiki at the request of former Governor Neil Abercrombie sells itself as an ‘affordable housing’ bill.  But it bypasses all normal procurement processes and fixates on three Oahu Tax Map Keys (TMKs)—together known as the ‘Bethel Block’-- and one price--$30M--to be paid by the Hawaii Public Housing Authority with money specifically allocated via HB2328.

Obviously this is an insider deal—the question is who benefits?

A look at each of the Oahu TMKs and DCCA BREG produces the answer:

(1)  TMK (1)2-1-3-8   (Last fee conveyance: 08/29/2017  $2,900,000—current tax valuation, $6,537,900, is under appeal before the Tax Appeal Court.   Owned by KAPL OR WB LLC which is managed by FL Management Corporation of Washington State which is owned by the Fullard-Leo family.  Last permitted improvement, 2011.)

(2)  TMK (1)2-1-3-9   (Last fee conveyance: 05/15/2007 $2,465,000—current tax valuation, $4,809,100, is under appeal before the Tax Appeal Court. .    Owned by Whitlow LLC which is managed by LVFL Holding LLC of Oregon which is owned by the Fullard-Leo family.  Last permitted improvement, 2013.)

(3)  TMK (1)2-1-3-10  (Last fee conveyance: 03/25/2003 for $2,823,200—current tax valuation, $10,172,200, is under appeal before the Tax Appeal Court.  Owned by 1149 Bethel Street Development, LLC which is managed by FL Management Corporation of Washington State which is owned by the Fullard-Leo family.  Last permitted improvement, 2022.)

So, not only is this an insider deal, but it is an insider deal directed secretly to one specific family.

The total of the three Fee Conveyance Prices: $8,188,200

The total of the three Current Tax Valuations: $21,519,200 (all under appeal)

This means the Fullard-Leo family, and their secret partners hidden in the LLC structures, will profit by a 71.7% premium;  $8,480,800 over the tax assessment value for the three properties.  The profit alone is more than they paid for the properties in the first place. 

Compared to the original purchase price, the profit would be 366% -- $21,811,800.

And who might those secret partners be?  We’ll never know, but in one recent article, a tenant of the Bethel Block, identified his landlord not as the Fullard-Leos but as prominent local attorney Bill Mc Corriston.

Meanwhile the HPHA, which has a long track record of affordable housing redevelopment failures, will be saddled with several decaying non-residential buildings in Chinatown.

On April 11 and 12 the House and Senate each submitted 'notice of disagreement' with the version of HB2328 approved by the other.  The next step would be a conference committee.  The bill can be killed if one chamber or the other refuses to appoint conferees.

---30---

HB2328: Text, Status

2019:   Ebbtide Waikiki: Fullard-Leo Family Fights Pimps for Control of Hotel (literally)

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii