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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 10, 2008 <br />indicated that Canabury Square is now in need of extensive repairs, and <br />stated that he is aware that there are a lot of people against the creation of <br />the HIA to handle the financing of the repairs. Valento noted that the <br />homeowners' association does not have adequate reserves in place to pay <br />for these repairs. The HIA is a financing mechanism that can be used to <br />get the building repaired. <br />Valento reported that he has lived in Canabury Square for five years. In <br />2007 he noticed water coming in his windows and upon further <br />investigation discovered the rot in the walls. He then heard that many <br />other condo owners had the same problem. Valento reported that he did <br />not want to get involved, but once he heard about the HIA that could be <br />used to help finance the upgrades, felt he had no choice. Valento outlined <br />his history in the construction and inspection indush•ies, and stated that <br />this rot will not go away, it must be corrected. <br />Valento reported that a building advisory committee was formed to <br />determine the level of needed improvements. He reported that the roof <br />likely has another five years of life. Wall inspections were done including <br />nine borings. Three borings showed evidence of rot, three indicated <br />wetness, and three were dry. Valento reported that similar problems were <br />found at Grand Pre' and Canabury Pond, and that all three buildings were <br />constructed by the same contractor. Valento reported that new windows <br />are needed and the building needs a new face. The existing stucco will <br />have to be removed to get at the rot and make the necessary repairs. <br />Valento reported that there is no drainage field behind the stucco exterior. <br />Valento reported on elevator repairs that are mandated to be done by 2012. <br />He detailed many other repairs that are needed relative to the boilers, <br />pools, security systems, storage tank, water heaters, and air conditioners. <br />Valento indicated that the law which allows for the creation of an HIA <br />will expire on June 30, 2009, therefore, it is important that this HIA be <br />created as soon as possible so that Canabury Square can take advantage of <br />this financing mechanism. Valento indicated that it is likely, however, <br />that the Legislature will extend the HIA law. <br />Valento felt that the repairs identified by the advisory committee are <br />necessary and should not be piecemealed. Valento felt it was a good time <br />to go out for bids on these repairs. The goal is to get rid of the rot and <br />protect property values. He agreed with the City Administrator's estimate <br />of a fee of approximately $15,000 per condo owner, noting that each <br />individual fee will be determined based on type of unit and other factors. <br />Valento felt it was time to get control of this building before it is lost. He <br />acknowledged that there are owners against the project, and indicated that <br />if they have a better plan, he would like to hear it. <br />4 <br />