Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-29

west by the "new Union depot and
by the easterly line of Bank street,
where nearly all our railroads centre, and
being within a few minutes walk from all
our principal hotels, and from the business
center, would enable him with little loss of
time TO see the Lake with all its panoramic
beauty and attractiveness
As a matter of investment, the city cannO
by any possibility suffer any pecuniary loss.
The moment these Parks are laid out, the
very value of the territory embraced in
them would be thereby materially increased,
and it would continue to increase for all
time to come especially would this be the
case with the Lake Park" owing to its
proximity TO the business center of the city.
A drive laid out on the brow Of the bank,
running the entire length of this Park, a
distance of over one mile, cannot be eX-
eelled.
For the accommodation of Hthe people,"
who have no carriages, a horse railroad
could be laid out on this drive. The estab-
lishment of these Parks will enhancej the
value of real estate in their neighborhoOd so
much, that the extra tax from the increased
value will alone nearly pay the interest on
their cost.
This is s~trikingly exemplifed in the case
of the great Central Park of New York,
which, costing as it did over so, 600, OO0, has
already added a sufficient amout TO the tax
duplicate to paw the interest on that sum.
In regard to the probable cost ofthesep pro-
posed Parks, your Committee are of the
opinion. after giving the subject thorough
consideration and making some approximate
estimates, that the cost will not amount to
more than the benefit TO be derived from
them, nor more than the ability of our city
to pay will warrant.
In proof of this statement your Commit
tee would submit the following plan, by
which the entire probable or even possible
expenditure for the purchase ofthese Parks.
can be met without adding one farthing to
the tax duplicate. This may seem surpris-
ing to many whose only idea of the benef-
cial results of the proposed purchase of
Park grounds, is involved in vast expendi-
lures and burdensOme taxation. But the
proof of our statement will be presented in
the following financial summary:
The city Indebtedness for the eOnstruc-
ton of the Water Works, for which bonds
have been issued, amounts to $3.50, O00.
These bonds mature in the year 1873. In
1862 certain railroad stocks, belonging tn
the'city, were set apart TO constitute a Sink
ing Fund for the payment of the bonds at
maturity. The Sinking Fund, on the LIST of
January, 1866, will amount to about $40
900. 1t is a fair estimate that, in 1873, the
Adb " NV hldbNAllAl "a AO bbANao w AHhA
road stocks, with their accumulations, will
amount TO at least 81 200, 900.
Deduct from this the amount OF the bonds,
S551,0OO, and there will still remain in the
Sinking Fund, S65O,00O applicable to such
purposes as the city may hereafter deter
mine: OF if the railroad stocks be retained,
at least $3.50. 0O0 will be accessible and the
dividends on the stocks retained will
amount to about $I5O,O0O in each succeed
ing five years.
1t will therefore be readily seen that
bonds may be issued predicated upon the
accumulatioys of the above fund, and upon
its continually increasing profits.
Your Committee, in conclusion, would
most respectfully recommend the appoint
ment of a committee TO confer with our
State Senator and Representatives for the
purpose of procuring with as little delay as
pos BILE, the necessary legislation to author
ize the City of Cleveland to appropriate
such land as may be necessary for a Park
on the West Side, and on the Lake Shore on
the East Side, as defined in the foregoing
report, and to levy a discriminating tax on
property benefited.
Your Committee further recommend that
the Mayor and Committee on Parks and
| Public Grounds be authorized to enter into
negotiation for the purchase of not more
than fifty acres in the eastern section OF the
city, within the boundaries specified and
recommended in this report, and report the
result to this Council as soon as practicable.
All of which is most respectfully sub
mitted. THOMAS JONES, JR.,
STEPHEN BUHRER,
F. W. PELTON,
JoHN HUsTINeToE,
GEO. W. CALKINs.
GEO. PRESLEY,
Committee.