PROPOSED TOWN HAIL FOR DUNEDIN.

Press, Volume LVIII, Issue 17472, 5 June 1922, Page 5

PROPOSED TOWN HAIL FOR DUNEDIN.

SUGGESTED £90,000 LOAN. The Finance Committee of the Pun©din City Council report that a fresh estimate of the cost of the proposed Town building has been obtained from the architect, who gives the present-day cost at £60,000. This figure does not include seating and other furnishings, architect's fee, wages of dlerk of works, interest during construction, cost of raising loan, piano for concert hall or organ, and <ifter allowing for these items, plus 5 per cent, for contingencies, the total estimate is increased to approximately £89,000. This iigure must be regarded as tentative for the time being, and the only way to arrive at finality on the point wouldi be to get tenders. In view of the financial policy that is now imposed on the Council of amply providing for all expenditure that is authorised, the committee is of the opinion that a loan of £90,000 should be authorised, and therefore recommends that the ratepayers .be afforded, the opportunity of voting an a proposal to raise a loan of that amount. Interest on £90,000 at 6 per oent with a sinking fund of 1 per cent., calls for a yearly provision of £6300. It is not probable, judging by the experience of other centres, that the income from the hall would do more than provide for the working expenses, excluding interest and sinking fund. These last two charges would require to be mot by a special rate of approximately twopence in the £ of rateable value, and as there is no margin in the general account to provide for it, the rate would need to bo collected. The Town Hail is designed to seat approximately 3000 persons, while ths capacity of the concert hall is 600.