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THE CORPORATION OF THE

CITY OF PORT COQUITLAM .
JAN 0 5 1987

MEMORANDUM JAN 19 1997

Mayor and Aldermen December 17, 1986

FROM: Land Committee

SUBJECT: Kilmer House

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RECOMMENDATION:

THAT City Council approve the purchase of Kilmer House as
outlined under Project Cost #1V contained in this report,

BACKGROUND AND COMMENTS:

On September 22, 1986 the following resolution was passed:-

"That the City Administrator meet with the owner of Kilmer
House to proceed with negotiations regarding the purchase of
the house.”

On October 20, 1986 the following resolution was tabled pending
a renovation study on the building.

"That the City purchase the Kilmer House for the sum of
$150,000.00;

AND THAT the funds be taken from the Tax Reserve Account."

Attached is a copy of the renovation study. The study done by
Baker McGarva Hart advises that for the approximate cost of
$35,000.00 the City could upgrade the buiiding which would
extend the use from two floors to three. (tenancy on 2 floors
only).

The study outlines 2 options for full utility of all three
floors:

Option A $133,172.00

Option B $156,272.00
The only difference between A & B is the cost of moving and
raising the house 40! north, if done, this would:

Create additional useable space in the basement.

Create an extra lot which could be sold for approximately
$40,000.00 thereby making the actual cost of Option B

$116,272.00.