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MINUTES <br />CITY COUNCIL <br />FEBRUARY 21~ 1996 <br />having are the result of a deteriorating housing stock. <br />Dominium believes that rehabilitating The Provinces <br />will result in being able to attract good tenants. <br />This will be a tremendous benefit to the community. <br />Brachman pointed out that there are only so many <br />dollars Dominium can put into the project, and they are <br />already planning to put over $500,000 into it. <br />Fahey noted that the total rehab is estimated at <br />$548,000. Installing a sprinkler system would add <br />another $170,000 to the project. <br />McNellis indicated that another $170,000 would have to <br />be added or deducted from the planned improvements. <br />McNellis reported that Piper Jaffrey had an engineer <br />inspect The Provinces to determine what sort of <br />structural improvements were needed. While it is <br />important to make improvements that will aid in the <br />marketing of the units, it was important to Piper <br />Jaffrey to ensure that the useful life of the buildings <br />extends over the life of the debt. Unfortunately, fire <br />suppression was not at that level. Consideration was <br />given to Code requirements which existed at the time <br />The Provinces were constructed. If another $170,000 is <br />required for fire suppression, then Dominium and Piper <br />Jaffrey will have to figure out which improvements they <br />can live without. McNellis pointed out that Piper <br />Jaffrey required a number of structural improvements <br />which have already increased the amount of the debt. <br />Piper Jaffrey is very please with the amount of work <br />proposed to be put into the building. <br />Scalze pointed out that the City has about 60% of its <br />housing units in multiples, and a good share of these <br />multiples were built at the same time. The Council is <br />concerned with declining property values, but pointed <br />out that this proposal is being made after the City <br />experienced a huge fire at Grand Pre~. <br />McNellis stated that he would suspect that only tenants <br />who had been in a situation like that would be aware of <br />fire suppression systems. <br />Morelan asked how many buildings Dominium owned. <br />Sween estimated 200 buildings as part of 75 complexes. <br />4 <br />