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MINUTES <br />CITY COUNCIL <br />APRIL 16, 1997 <br />approximately $200,000 more into the project than was required under the <br />tax - exempt financing. <br />Scalze asked what work is being considered when Dominium talks about <br />sprinklering the buildings. <br />Brachman reported that at a 65% tax credit level, there would not be <br />enough money to sprinkler the building. However, there would be at the <br />85% level. Installation of a sprinkler system would consist of sprinklering <br />common areas and installation of one sprinkler head inside each unit over <br />the doorway. <br />Scalze asked what total sprinklering would mean. Morelan reported that <br />the standards for new construction would require sprinklering of common <br />areas as well as multiple sprinkler heads in each unit. Retrofits under <br />Appendix E would allow the installation of one head in each unit. <br />Pedersen asked what other improvements Dominium would make if <br />sprinklering was not required. <br />Brachman replied that that would depend on the level of tax credits. <br />Additional landscaping improvements, more work on decks, and more <br />replacement of appliances and cabinets would be options. Brachman <br />again pointed out that Dominium has done more rehab of The Provinces <br />than what was required by the tax - exempt financing. However, this was <br />done based upon the reliance on getting more tax credits. <br />Scalze pointed out that Dominium has indicated that they would do no <br />more rehab work if tax credits are increased to the 65% level. Scalze <br />asked what Dominium's plans are if tax credits are not increased from the <br />40% level. <br />Urness replied that Dominium would probably stop the rehab work they <br />are doing. Urness pointed out that Dominium has not been thinking about <br />the 40% number having assumed the number would be higher. <br />Scalze pointed out the rent survey which was done by City staff, noting <br />that rents at The Provinces are lower than they are at Montreal Courts. <br />Scalze indicated that Montreal Courts is in need of rehabilitation work, yet <br />they are able to get higher rents than The Provinces. <br />Brachman felt the survey showed that Dominium is not squeezing rents, <br />and pointed out that Dominium is a long -term holder of the property. <br />Page 112 <br />