U.S. businesses certainly aren't facing the best of times for raising money to back any enterprise, let alone more than $100 million to buy land for development.

Hunt Development Group's plan to spend that much on 300 acres next to the University of Hawai'i-West O'ahu site is now in doubt — not surprising, given Wall Street's shock waves and credit squeeze.

Nonetheless, the public portion of the partnership — groundbreaking on the new campus — should move forward.

The City Council must move quickly to approve the plan review use application for UH-West O'ahu, a document akin to a master plan that must be approved for construction to start on the first phase in January, as scheduled. And UH has money set aside to get much of the phase done, with or without the land sale.

In addition, the council should pass Bill 25, which encompasses all the zone changes needed not only for the campus but for the adjoining development, including a range of homes, apartments and mixed-use projects.

The university's sale of this land will help finance the further development of the campus. But the Texas-based Hunt, which struck the UH purchase deal assuming a rosier financial outlook, now wants to renegotiate the deal.

With that part of the project on hold, it's important that the city get the zoning in place. Even if another player replaces Hunt at the bargaining table, UH is bound to get a better price for the land if the rezoning hurdle has already been cleared.

The final developer of the land can, if needed, return to the council to fine-tune the zoning map.

This week the council extended the deadline for approval, with the final vote set for Nov. 12. This makes sense. By then, voters will have weighed in on the rail project; the placement of the proposed rail line and stop is one of the complications that has delayed action on the bill. The stop and park-ride facility is sited on land now owned by the state Department of Land and Natural Resources.

Council members need to work with DLNR to finalize the land transfer so the rail route can be inked in and UH can get to work on its campus.

Prospects are going to be dicey for development with the nation's tight credit market. So it makes sense for government to remove unnecessary obstacles from the path of desirable projects, like UH-West O'ahu, that already have some momentum.