Page 11 Advertisements Column 1

Free Lance, Volume IV, Issue 208, 25 June 1904, Page 11

LOCAL BILL. WELLINGTON CITY LEASING. THE Wellington Council propose to introduce into the General Assembly at its next session a Bill to effect the following objects — 1. To enable the Corporation to accept within two years from the coming into operation, of the Hill sun enders of existing leases ot City Lands that were not built upon when the leases were originally granted and the leases ot which contain no provisions for renewal or compensation. 2. To enable the Corporation within the said two years to' grant in exchange for such surrender leases for terms not exceeding twentyone yeairs, with provisions for renewal from time to time for suecessnve periods not exceeding fourteen years in or to the effect of the form set out in the schedule to the said Bill PROVIDED, FIRST that the rental reserved widen; suah new lease shall during; a period equal to the une'vpired portion of the term of the aid lease be four tames the> remtal reserved by the surrendered,' lease and shall for the balance of the term of twenty-one yeairs created by suoh new lease be the fa.nannual ground rent ait the* beginning of suoh balance, of term of the land only without any bual dings or improvements to be fixed by valuation according to the provisions of the form of lease set out in the schedule to the Bill ; PROVIDED SECONDLY, that if the neiw lease shall contain a covenant by the lessee _to_ erect on the demised land within five years from the diaite of the nosing of this Act a substantial buildinio- of a minimum we vni of a character to be described in the said lease the rent reserved under such new lease du v - ine a period enual to the hhp v - pired portion oif the term of the old lease be twice the rental reserved bv the snrreirlere'i lease and shall for the balpn,c Q of the term of twentv-on,° years created' bv such new