Maui Land & Pineapple Company, Inc. Enters Agreement with State of Hawai‘i Department of Transportation to Support Maui Wildfire Victims

Maui Land & Pineapple Company, Inc. (NYSE:MLP) recently announced that it has entered into a Memorandum of Agreement with the State of Hawai‘i Department of Transportation to provide support for individuals and families who were displaced by the Maui wildfires on August 8, 2023.

The agreement, dated October 22, 2024, outlines that MLP, a Delaware corporation, will lease approximately 50 acres of vacant land in Honokeana, near Napili in Lahaina, Maui, to the State at no cost for five years. The purpose of this land lease is to enable the State to construct temporary homes for those impacted by the wildfires. This land parcel is a part of a larger 1,377-acre property owned by MLP.

Under the terms of the agreement, the State will be responsible for funding all costs associated with the project, including an estimated $35,500,000 for necessary horizontal improvements. MLP has agreed to oversee the construction of these horizontal improvements and, potentially, any subsequent vertical improvements, the costs of which are yet to be determined. MLP will provide these administration services at cost and without direct profit.

At the conclusion of the lease term, the State will remove any vertical improvements unless MLP requests specific improvements to remain on the property. It should be noted that the summary of the agreement provided is not exhaustive and is subject to the complete terms to be filed in an exhibit to MLP’s periodic report for the corresponding period.

Forward-looking statements contained in this report caution investors and potential investors about potential risks and uncertainties that could affect the actual results concerning the agreement. Factors such as changes in regulations, unexpected costs, and disagreements regarding improvements on the subject property could impact the project’s outcome.

Maui Land & Pineapple Company, Inc. remains committed to utilizing its assets to address critical community needs. The Company emphasizes that it will regularly update stakeholders on any revisions or developments related to this initiative, reflecting its dedication to transparency and accountability.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Maui Land & Pineapple’s 8K filing here.

Maui Land & Pineapple Company Profile

Maui Land & Pineapple Company, Inc, together with its subsidiaries, engages in the planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate properties in the United States. It operates through Land Development & Sales, Leasing, and Resort Amenities segments.