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Description: The property consists of two adjoining lots on Kalanianaole Avenue. Fee simple title to one of the parcels, 2-1-06: 017, is subject to a recorded lease. The lease expires 31 August 2011. The current rent of $3,500 is significantly below market and tenant must agree to renegotiate rent to the market rent commencing on 31 August 2007. (Lease rents paid for state owned land in the area are in the range of 4 to 5 times higher.) A provision in the lease allows the tenant to request a 20 year extension and give the owner in its sole discretion the right to set the rent. The terms of the lease makes it a condition of the extension of the lease that the tenant accepts the quotation from the owner for the "Annual Basic Rent to be paid by the Lessee. There is not language in the lease specifically constraining the rent the land owner may charge. The other parcel is vacant. Its seaward boundary fronts on land that was formerly a railroad right-of way. The land is now state owned and most it has become submerged. Fishponds located within the property cover approximately 1/3 of the land area.

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