BOROUGH ENDOWMENTS.

Waikato Times, Volume XVI, Issue 1387, 24 May 1881, Page 3

BOROUGH ENDOWMENTS.

TO THE EDITOB, ■ '• < Sib,— At- the last meeting,, of thB Hamilton Borough Council,' the ' 'question of leasini? 1 thfe endowments oatoe bofdre) the councillors. |n , irfif^rpnoe^ t« these properties, I wifh to' draw'tWattention of the Council, more particularly to the," ultimate advantages to the Borough, in makipg proyioion, for jHowing for im?

provements at the expiration of the term of 25 years. 1 his matter was referred to, and one member atated that in 26 years atiy wooden buildings ;/erepted at the present time would be of little or no' value, but if brick buildings- were'built,* 80me arrangements might/be considered. I respectfully submit, that no matter what class of buildings are erected it will be to the interest, very much ho, of the Borough to allow some consideration for improvements, and would suggest one-half for following reasons: I); would ensure the erection of a better class of buildings, both as to extent and durability, Allowing the councillor was correct in stating that wooden buildings, would, under ordinary circumstances, or rather under provisiors of proposed leases, be of little or no value at expiration of term. If, on the other hand, the lessee were assured half of the value of his improvement?, his interests and that of the Borough would be identical, and by this means the Borough would acquire considerable property at half its value, instead of getting back their endowments in about the same condition as at present. It resolves itself into this : In giving this inducement the Borough enrourages the investment of capital in the better class of building. They have properties that fall into their hands at half their value, and largely increase the rating power of the Borough during the whole tenure of the leases, and certainly hold out to investors inducements that would add-considerably to the letting value of the properties, even at the present time. To lease the endowments as proposed would only suit those who purposed building on them to do so at once, and first of that class they could make their money off during the term, but it would be an effectual bar to building when any considerable portion of term had expired. My suggestions obviates this in a great measure. — I am, &c, Burgess.