May 31st, 1976

That the minutes of the regular meeting of this Council held on May
\ 17th, 1976, be taken as read and adopted. Carried.
-Minutes-Sp, Moved by Alderman Ranger:
;Meeting—May
126/76 Seconded by Alderman Laking:

That the minutes of a Special meeting of this Council held on May
: 26th, 1976, be taken as read and adopted. Carried.

:

DELEGATIONS :
j

‘W.Casson, GVHC From the City Clerk, May 27th, 1976, advising that Mr. William

ire subsidized rental-

low-income Casson of the G.V.R.D. Housing Department would be in attendance this
ifamilies -
‘Meridian
‘Village

evening to respond to the following reselution passed by Council on May
17th, 1976:

"That the Municipal Council of The Corporation of the City of Port
Coquitlam petition the Greater Vancouver Housing Corporation to set
aside at least 25% of the 202 units at Meridian Village for rental to
low-income families at no more than 25% of such renters’ incomes."

Mr. Casson, accompanied by one staff member, was in attendance and
on invitation of Acting-Mayor Alderman Thompson, advised that the project
was always intended to maintain a range of incomes, life-styles and
people and that no comment was previously made about low incomes, low
rents, etc., but rather that this would be a non-profit development.
Mr. Casson went on to explain that through government grants and low

interest rates, construction of a 3—bedroom unit would cost approximately

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$38,000.00, while a similar unit constructed in a privately-owned develop-
ment would be about $48,000.00 thus necessitating a higher rental rate
than would be charged at Meridian Village. Alderman Laking stated he

understood a fairly high percentage of applications for accommodation at

Meridian Village has been received from persons on welfare who are not
residents of the City, and Mr. Casson advised that first preference will
be given to those living in Port Coquitlam, Alderman Mabbett stated his
understanding there would be no change in the interest rate of the 50-year
mortgage on the project and Mr. Casson advised this was correct; however,
in the first five years, the Provincial Government's high impact grant
reduces, necessitating a small increase in the rental rates to be

charged. Mr. Casson further advised that any increase in municipal

taxes or cost of maintenance will also result in rental rate increases.
Alderman Mabbett then inquired whether or not insurance would be carried

for such items as damage, and Mr. Casson advised that it would be.