Pep's may become Sky Bank

A once-popular burger shop in O'Hara Township may be the site of a new development this spring.

Sky Bank has proposed to council a project that would include a two-story building on the site of the former Pep's Burgers. The property, along Freeport Road, has sat vacant for a couple months.

The restaurant was once a hot spot for teens following football games and other local events, but was closed for a long time before a second, recent attempt at business.

Council is expected to discuss and vote on the plan during its meeting at 7:30 p.m. Tuesday in the municipal building.

Already, bank officials have received preliminary land development approval following a public hearing last month.

Bob Robinson, township engineer, cited a list of 14 conditions that the bank must abide by to build on the site.

"The biggest thing is the proposed setback," he said.

The existing restaurant did not conform to zoning code and council has granted a variance to allow the same setback distance. Council also will allow a free-standing sign at the front of the property.

Bank officials have proposed 19 parking spaces, which satisfies zoning guidelines. Visitors will enter the parking lot from Freeport Road.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.