DHHL Signs Lease Agreement with Safeway/Target
The Department of Hawaiian Home Lands (DHHL) signed a lease agreement with a Safeway/Target Stores partnership that will bring jobs, economic activity, and increased retail opportunities for Big Island residents as well as provide additional revenue for the development of affordable homes for native Hawaiians.
Governor Lingle, DHHL Director Micah Kane (third from right), Hawai`i County Mayor Billy Kenoi (third from left) and leaders from Safeway and Target after the signing of the agreement that will infuse millions of dollars into the Big Island economy.
"DHHL is committed to building homes for native Hawaiians but also to improving the quality of life for everyone in the surrounding area," said Micah Kāne, director of DHHL. "The development of these retail stores goes against the trend in this down economy, but it shows that Safeway and Target are confident about their future in Hilo, and that says a lot about the Big Island."
Despite the economic downturn, Safeway/Target will move forward and infuse millions of dollars into the local economy with the development of their stores, and create hundreds of construction and permanent retail jobs.
"DHHL works hard to improve every region that they are in. They create jobs and economic opportunities in the region and generate revenue that allows them to build affordable homes for native Hawaiians," said Governor Lingle. "The Safeway/Target project is also a good sign because it shows the private sector is gaining confidence in our economy."
DHHL said the lease agreement is for 60 years and with annual rent at $568,461 in the first 10 years to more than $2.8 million a year annually in the last five years. The life of the lease agreement will generate $77,564,670 for DHHL. Construction is expected to begin in January 2010 and be completed in the second quarter of 2011.
"DHHL has been a good partner in improving the quality of life for everyone on the Big Island," said Mayor Billy Kenoi. "With up to 45 percent of carpenters out of work, this project is welcomed, and I want to acknowledge Safeway and Target for moving forward on this project that will provide opportunities for employment as well as more retail options for our residents."
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Visit www.dhhl.hawaii.gov to learn more.
