09-10-08 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL SEPTEMBER 10, 2008 Bruno expressed concern that the project was growing larger and larger along with the cost. He was concerned about the length of the HIA loan and the interest that would be payable on the loan. Bruno felt that there were other ways to deal with the issues at Canabury Square, and did not feel it was necessary to tear off the entire face of the building. Valento asked for a suggestion from this owner as to how the association could get the money for needed repairs. She noted that elevator improvements will be required within the next couple of years, and they will be very costly. The first property owner suggested that the association could obtain a loan for needed repair costs, repaying the loan with association dues. Eileen Conlin indicated that she is in favor of the repairs as are her neighbors Mr. and Mrs. Petzer. Conlin did not believe walkway improvements were needed, however. Tim O'Connor indicated that the insurance value of the building is $53 million and suggested that that investment be protected. Another property owner noted that in addition to the repairs being discussed tonight, there will be the future need for a new roof. This property owner questioned how the roof would be paid for. She indicated her opposition to walkway and gazebo improvements. Bill Decklin reported on the testing that was done on the building and the rot and wetness that was found. He also indicated that if these problems existed at Canabury Pond and Grand Pre', they exist at Canabury Square given the same builder and similar construction. Decklin indicated that the only way to eliminate the rot is to reframe the walls. Window replacement without eliminating the rotting problem will not resolve the basic problem with the building, that is, there is no drainage plain. Decklin also indicated that if the HIA moves forward and the project becomes defined, it is the goal of the association to live within the project budget even if project amenities have to be eliminated. Decklin pointed out that there is an advisory committee in place that is working on this project and will figure out design details. Blesener felt that the individual units will see a payback from the proposed improvements in increased property values. The Administrator also noted that one of the requirements of the HIA is that the condo association will have to prepare a financial plan for addressing future improvements.