CITY LEASES

Dominion, Volume 11, Issue 299, 6 September 1918, Page 7

CITY LEASES

AN ATTEMPT TO IMPROVE TIIEM. .: The Leaseholds Committee recommended to the City -Cottiici! last evening:—"That an agent be informed ■that- the council will -be prepared' to grant a lease for a straight-out term /of fifty.jears of sections 129 and 130, Lambton reclamation land (Fcatherston Street), at a rental' of £360 per annum, the existing building, to be purchased at valuation, and to.'remain on the ground for at least five or six years,. as recommended by' the City Valuer."

.■ Councillor R. A. Wright and Councillor o. E. Fitzgerald expressed the opinion that fifty years was too long a term. The Mayor said that the lengthening of the. ■ terni would improve tho city lease, ( and would secure a better class df building. ' Councillor Fitzgerald said ■ that it would be wrong to lease at £360 for fifty years property that far. insido that term might' be worth a great deal more money. He moved that the clause should be referred back to the committeo, 1 to' consider a straight-out torm of twenty-one years with right of renewal, and, failing renewal, compensation be. paid. Councillor J.- O. Shorland seconded. ' The committee's recommendation was adopted .by a large majority. ;