AN ISLAND ACRE,

Dominion, Volume 5, Issue 1299, 30 November 1911, Page 5

AN ISLAND ACRE,

AT LYAIJ, BAY. r.-T he ,J ina ? ce Committee reported to the City Council last evening that it had reconsidered the question of the proposed purchase of » concrete house and an acre of land at Lyall Kay, and had to recommend that the purchase be made The. Mayor said, the'.proposal, was that the council should pay ,B"50 for an acre of land;an<r.a house, and imy existing tenancies in ttie-preperty.-Tlic council would' obtm.ir possession clear of all leases in threes-ears. I n the meantime it would take tno rents which would bring- in g per cent, on the: purchase money. The vendor was prepared to soil on'a debenuire without any cash. The citv valuer «'t down th- improvements as-worth JM6O and (he land as worth .£'lso. In addition ■tlKvcouncil had to buy out tenancies. The section-was «n island in the midst'of coun-cil-property., ■ .Councillor -Trevor soid flint, to his mind they .-wow gpiug, to pay 4:150 more than the property was worth. Why should the council - pay an enhanced price simply lrecaiifp it owned tho iiirroundiiiß land? 7f it- waited for a ti'mo' the -property would ue thrown, at it. ' -. Councillor Barber 'endorsed this'- vieiv and stated that the building on the land would be useless to the council. Councillor Trost supported the purchase Councillor 1-itzgerald maintained that the price was too high. How had the proposal to purchase first been raised 0 . lheMayiir: In connection with the ne-gotiations-for the-purchnse of tho "Whole block.. : ■ The city solicitor- explained that th* sum -of.-j6150-.in excess of the valuation of cite land and improvements was intended •as cdmpensation for extinKuishing the riffht-to renew a lease for thirteen-years Councillor■ Shirtcliffe said it was worth the council-s while to-; pay something'to consolidate the block. Councillor Fitzgerald said he would oppose the purchase. The Mavor had retLat tbo dty "° mOnp s' - Smith supported the purjb Marw: If you don't buy the land ' Kg^LeUSn b ?h?,S