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Sponsored by the PORT COQUITLAM SENIOR CITIZEN‘’S HOUSING SOCIETY
‘2111 Hawthorne Avenue, Port Coquitlam, Sritish Cotumoia / Telephone: (604) 941-4051

Accepting the posal of Imperial-Beacon Hill Lodgsas, we
applied to and recs aren O.4.H.C. a loan of $1,545,505. Wa
basa entered inzso a Tact FO construct tas building for
31,599,260. wa arranged the land acauisition fron the City.
Further we arranged a second mortgage for $50,775 and obtained
& Waiver of taxes for one year and an approval in principle for
anocsher ysa>. Tnis amounted to an estimated $66,000 and offset
the $50,775 sacond mortgage.

Wo would, but for ths elevator strike, have opened about
February 1, 1973.

The reason we are submitting an application at this time
was _the result of a mesting between Dr. Larsen and Mr. Steininger
of Beacon Hill Lodges wherein it was our understanding the
allowable rate nad been or was being amended to $300 per month,
which was adaquate for our present financing and if the grant
Was approved could be reduced to about $270 per month or under
$9.00 per day.

; We realize that cur application at this point of development
is unusual and the conditions may vary a little from the chapter
and varse of the Act and regulations, but

May we point out that our position we feel is only custodial
until soma level of government decides to take over this
necessary function in the community. At which time we will gladly
turn ovar our aguitys and committments ror $1.00 to government.

We therefore respectfully ask your favourable decision to
our application.

Yours very truly,

A. Keanlyside
Chairman, Building Committee

Vo aepeserent in toe tee ceruiame! BEACK MN HILL LOOCES OF CANADA LTO.