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Repairs and Renovations
Petitioner’s board minutes document several discussions and
decisions by the board to make major repairs and renovations to
its assets. At the August 5, 1994, board meeting, the board
addressed the need to reroof the Jones Street warehouse and the
main warehouse, to repair the firewalls in the main building, and
to purchase a new delivery truck. In the December 2, 1994, and
December 8, 1995, board minutes, the board listed several items
that would require a considerable expenditure of its reserves:
(1) General maintenance, such as reroofing, repainting, and
improving parking; (2) replacement of the delivery fleet; and
(3) remodeling. On January 20, 1995, David Gunn updated the
board on the computer situation, and the board moved to proceed
with a new computer system that would cost in excess of $50,000.
Petitioner also decided to expand the Lay-Z-Boy line and to
devote more square footage to the product. The Lay-Z-Boy gallery
was discussed and approved by the board of directors in 1995, and
construction began in early 1996. Construction entailed the
closing off and gutting of a significant amount of square footage
in the store. Merchandise was relocated, and other renovations
were done to house those goods. The costs incurred by
petitioner, other than building improvements and renovations,
included the purchase of a large exterior sign and the
acquisition of inventory. The renovation project was completed
in March 1996.
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