MOTION FOR AUTHORITY TO INVESTIGATE AND RESEARCH THE UKEE STREET PROPERTY FOR PURCHASE AND INITIATE CAPITAL FUNDRAISING EFFORTS

 

(AS ADOPTED BY THE  HUOA BOARD OF DIRECTORS ON JANUARY 10, 2005)

Whereas,

the Hawaii United Okinawa Association (“HUOA”) is a non-profit organization engaging in many Okinawan cultural activities for the purpose of preserving and promoting the Okinawa culture and heritage

in Hawaii ;

Whereas,

the HUOA owns and maintains the Hawaii Okinawa Center, the home of the HUOA and where many diverse cultural and gathering activities are held; Whereas, the Hawaii Okinawa Center (“HOC”) is the primary asset of the HUOA and its construction was completed over 14 years ago involving a fundraising campaign of nine million dollars ($9,000,000);

Whereas,

the HOC represents a substantial depreciable asset, which incurs wear and tear over time due to age and usage and will require numerous repair and maintenance projects which are substantially in terms of cost;

Whereas,

the HUOA is primarily dependent upon a few annual fundraising campaigns and a sole catering contract to meet the operating cash expenses of the organization;

Whereas,

the organization’s current revenue income is not sufficient to cover both operating cash and non-cash expenses;

IT IS HEREBY MOVED

that the HUOA authorize a capital fundraising effort in an amount, necessary to purchase and improve upon the proposed Ukee Street property in order to generate annual income that may be used to supplement the operating and maintenance budget for the purpose of eliminating any and all future operating deficit concerns;

Further, whereas,

the HUOA had established the Land Acquisition Committee, an ad hoc committee, in 2003 to investigate the purchase of the land on Ukee Street, located directly across from the Hawaii Okinawa Center;

Whereas,

the Land Acquisition Committee has determined that up to Three Hundred Thousand Dollars, ($300,000) would be required to be spent through February 28, 2007, for due diligence and for other matters concerning and relating to the acquisition of the Ukee Street property;

Whereas,

the Land Acquisition Committee has also taken the responsibility for coordinating the requisite capital fundraising efforts of the HUOA;

IT IS FURTHER MOVED

that a budget allocation, authorizing the expenditure of up to Three Hundred Thousand Dollars ($300,000) by the Land Acquisition Committee to conduct due diligence and other matters for the purchase of property on Ukee Street for a period not to exceed February 28, 2007.

IT IS FURTHER MOVED

that the Land Acquisition Committee be responsible for the land acquisition negotiations and for coordinating the capital fundraising effort to raise a total amount of Nine Million Dollars ($9,000,000) to be raised in increments over a five year period to meet the capital requirements of the HUOA.

BE IT RESOLVED,

that the Land Acquisition Committee’s authority for due diligence expenditures shall be conditioned upon a determination that the Ukee Street property purchase is feasible and fundraising efforts are on schedule as determined by the Executive Council and Board of Directors of the HUOA. Should due diligence determine that the purchase is not feasible or should fundraising efforts fall short of incremental goals, the authority for due diligence expenditures shall be terminated and all monies raised shall be specifically earmarked for investment purposes and/or capital improvements as approved by the HUOA Board of Directors.

BE IT FURTHER RESOLVED

that the Land Acquisition Committee provide a monthly written report to the Executive Council updating its activities including expenditures or obligations incurred relating to property acquisition and fundraising efforts.

FINALLY, BE IT RESOLVED

that the President, President-elect and Treasurer be authorized to execute any contracts, agreements or the like, required in order to effect the purposes of this motion.

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