TARGET RESERVE LEASE.

Manawatu Herald, Volume XXXVIII, Issue 1615, 26 September 1916, Page 3

TARGET RESERVE LEASE.

At last night’s Council meeting a letter was read from the Secretary of the Eoxtou Racing Club asking that the term of the proposed lease of the Target Reserve he increased as it wits considered that security of tenure for it, longer period than seven years would probably result in more competition. The Mayor said that he understood the Racing Club wanted a small strip at the rear of their present buildings in order to extend same. They would be willing to sublease the balance to the present lessees, Messrs A. King and Co. Personally ho was in favour of a, longer lease under the circumstances, provided the price was right. It wiis proposed by Cr Coley, and seconded by Cr Henderson, that the lease of the Target Reserve be offered at auction for the term of (50 years, if price not approved it be offered for 21 years, and if price not approved then for seven years. Cr Coley said the Racing Club intended to erect buildings on-the land to the value of £2,000 to £3,000. Cr McColl asked what the Mayor would consider a fair price for* a 06 years’ lease.

The Mayor said he would favour a 66 years’ lease at the present rental or more. The rental at present was £SO per annum. Cr Stevenson was opposed to a longer term than seven years. The rental at present might, be fair and reasonable, but the property might be worth double later on.

Cr Bryant considered that for anything but fibre paddocks the property would not fetch £2O per annum, and it was not likely to improve in value. Or Thompson was opposed to a 66 years’ lease. Twenty years should he long enough. Cr Bryant, said that, the Racing Club had conferred with Mr King, and he was quite agreeable to the lease being put up at the longer term.

On the motion being put it was carried.