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1954 W. 6TH S., VANCOUVER B.C.,V6J 4R7, PHONE 734 8282

October 28, 198]
Mr. Bryan Kirk

City Administrator

City of Port Coquitlam

2272 McAllister

Port Coquitlam, B.c.

Dear Mr. Kirk:
Re: TOWNHOUSE PROJECT
Shaughnessey at Pitt River Road

I understand that Fourth and Final Reading for
the Rezoning of this property to RM-3 will take place on Nov. 2,
1981. Mr. Tom Reinarz, the builder, has entered into an
agreement with our non-profit society to sell the completed
development on a turn-key basis.

At this time, the following has been

accomplished: |
1) C.M:H.c. @pproval has been given: for
mortgage insurance for this project,
provided that the scheme is revised to
to provide 25 units, complying with
the RM-3 Zoning Schedule.

We have a firin commitment from a lender for
the financing of the $2.2 million project.

We have prepared a survey for the consolidation
of all the lots in the parcel, including the
City-owned land.

The architect, Mr. John O'Donnell, will
have working drawings and specifications
for a building permit application ready
in two weeks.

As you know, our Plans are a change from the
original scheme that was approved by Council on July 13, 1981.
This change was in keeping with C.M.H.C.'s goals of smaller,
more affordable units. The builder will not obtain a larger
profit due to the change; in fact, the unit Sale price is now
lower. The project now offers these benefits to the City:

1) The total floor Space has been reduced by
2.2%, from 27,129 Sq. £t to 26,525 sq.ft.

2) The units are smaller: the mix is changed
from 21 three-bedroom luxury units to 15
three-bedroom and 10 two-hedroom units. This
also allows a Giveristy of family size in
the project.

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