Pam is correct in everything she has said about the developers, and the school and the children who were and are being used to further the developers' real estate interests. This is precisely why some charities existing to benefit local school kids refused to go forward with donating any funds or anything else to the Holy Cross school - several years ago the developers were deemed to be unsavory in their dealings involving the land, the school and the town. Some say the kids have a great school; those children certainly deserve a great school - but I don't think that will ever be the end result down the road.
As for the name - i think it sounds like a combo of 'mahalo' and 'aloha', two prevalent Hawaiian terms used for blessing and greeting. but who knows.