Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1851-06-21

sbonTd hesitate or delay to make an improvement of
This character when he could do it by loan at per
cent and perhaps 5, and get increased revenue
that would pay off the whole Now let us look at
this matter OF the raising of the City Hail. and see what
The city will gain and what it will lose
In the first place, then it will, ia sense, lose the
rents of the under IT, which is $780, that
s il will no longer receive the identical rents, and for
the purpose of calculation il may be said they gone
II will ose if YOU please TO call it So the Watch
House. which will have to be removed 1t will get, in
lieu of these present Shops &c, stores stalls, &c
NJ much greater value-Stores, Stalls, Sc, which to
say the least will rent for 81, 900, the Committee
have every reason to believe There will be five of
these new and spacious, with convenient cellars
under them The plan and specifications herewith SUBJ
mtted will show what the prop sed alterations are and
what il is estimatedthey will cost. The committee would
remark in this connection, that the plan may be varied
as should be thought BEST so far the division of the
proposed basement concerned. The position of the
partton wall beween the old and new Hall building,
nav require the pan perhaps to be varied somewhat
TO accommodate the size of the rooms TO it. The arg.
est room NAV be located at the Eastern end of the base
nent instead of the Western, represented upon the
plan bnt whether the division is made way or the
other will materially affect the rents, the value
Of the Improvement. The City has to pay out for
rent of Engine House, Assessors rooms, and Armores
some $3.50. The City receives from the City Hall
Easements that is from the Stores $780, and from the
Hall itself about S500-that is only about $3.50 from
the whole building Deduct now the $3.50 paid
by the city for rents annually for these very
gors rooms, &C., rooms, which shall get accom-
modatons for in the City Hall, when raised. and in the
Engine House, if erected, and we have only $500 net
rent, which receive. Now suppose we borrow
this sum, Sl4 900 proposed, and raise the Hail. and
erect the Engine House, shall then have accommo-
dations for city offices just have, save the
Watch House, for the several departments of the CITY
Government. shall have the Police Court room, the
Council rooms, the Treasurer's room, the Messengers
room, just as we now have in the Hall building, and
shall have in addition thereto, an Assessors room
in this building, where the convenience Of the citizens
require, should have one. We should lose the
Watch House. but should get in exchange the Assessors
room and the aneTooms, giving great additional value
to the Hail.
We should then have rents pay for Watch house.
for Armores for Engine House NOR Assessors room but
shall have an Engine House, Armory, and Watch
House, in the contemplated building Carlton street.
We shall get $4,000 for the basement stores &C..
al the very lowest estimate, responsible being will
llng as the Committee are assured TO pay that rent
AT any rate, they will be well worh and will pay that
rent, as the committee conf ently believe. The
City Hall will rent for from $500 to $500 more than
1t now does, giving rent of $1,000 to $1,000 for the
hall Tor which we now get only about $500.
The whole rents of the City Hall will be then
somewhere from $4,000 to $4,000, and taking the
whole matters now managed together, to wit: the
Engine House, the armores, the Assessors room and
the City Hall we now get in net rents las the Com
whereas, if these Improvement are made, we shall
get from $4,000 to $4,000 in rents ;deduct now $780,
pay the rent got from the $4,000 rentit is es-
nmated, will be received, after the improvement is
made the city will have $4,000 annually to apply to-
wards the payment of the interest and the principal
OF the sum borrowed
The interest Of $4,000 is at per cent $3.50
though It IS supposed BY some that the money may be
borrowed for per cent. This however, the Commit
tee apprehend, s somewhat doubtful, as the money
should be borrowed, if at all, with distinct under.
standing or agreement that the principal and interest
are TO be pa.d from time TO time of the that
may be received from year to year from the public build
lngs, which to be considered pledged for the re-
dempton of the same. Now deduct $780, the interest
Of $4,000, from 5000, the increased rent and there
would be 1880 to be applied the reduction Of the
principal of the debt, the first year. But suppose YOU
deduct $50, the interest," from the whole rent Of the
City Hall, which call $3000 there would then re
main 2l60 to be applied the payment of the princi.
pal the first year. The true way, however, az YOUR
Committee apprehend to consider the matter is to look
and see how much better off the city would be by the
operation as whole-the erection of Engine House.
City Hall improvement, loan and ALL than it now is as
things managed Now considering the matter
IN this point Of view, the City would be making if the
Committee are not mistaken in their calculations annual
" to be applied towards paying off the sums borrowed
as above stated, the of $3.50; that is the CITY
would be$l360 better off every year than it now is Be-
sldes the Engine House erected as proposed and an
Assessors provided in the City Hail. there would
be in the Engine House that would not at present
be wanted tor the of the city might be rented say
for $lO0 or thereabout. Your committee cannot in this
connexion omit to call the attention of the council to
the alteration proposed be made in the CITY Hall
which has been long in contemplation, and long de.
manded to wit: the change of the Speakers desk from
where it now is to the end Of the City Hail. an al
iteration which would be attended with most manifest
and obvious advantages both speaker and nearer and
which should have been made long ago. The cost will
probably not exceed $780,
1t Is hoped the Council will bear in mind the mpor
ant distinction that exists between renbursue the pro-
posed loan out OF the whole of the City Hall &c.
and doing this out of the increased revenue or rents to
be derived from the buildings when erected and altered
The City oil course have, and will continue to have
the rents 1t now receives from the CITY Hail. II no
alteration is made; the rents and there
lore IN any calculations may make care must be ia
ken TO reserve from the gross rents may receive after
our improvements are made and money borrowed such
sum as VIII make the City just we'll off as it was
before, that is, sufficient pay the old or former
rent. We are then to take only the additional or in.
creased revenue pay the principal and inter-
e Of the money borrowed II the increased rents only
pay the interest, nothing is made by the Improvement
II Il pay more than interest, insurance, repairs &c
then what is made over, much clear gain and 80
II would be IN this case The question Of increased
ren over and above paying the present rent the great
and main question to be determined by the Council 30
far as the matter Of profit and loss is concerned
Your Committee cannot pass by as matter
wholly unworthy of consideration, the fact, that the
alteration proposed to be made in front, will do
much to relieve the bulldog Of that somewhat I'M
pleasant and unsightly appearance which Il now
wears. The Committee will most cheerfulIy con-
sent to subordinate all matters of symmetry and taste
TO the more substantial consideration, the profit and
loss of the operation and would not certainly ha We
recommended this alteration 10 the City Hall. sim
mis- for fha of l.