The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-28
DEPARTMENT OF DOCKS.

The Commissioners Refuse to Lease the.
Water Front-The Reason Why.
regular meeting OF the Commissioners OF Docks
was held yesterday, the President Of the Board Mr.
John I. Agnew, In the chair, and present Commits,
sioners Wood and Smith.
The Executive Committee, through Mr.. Wood,
presented its report reference to the petition Of
the
NEW YORK PIER AND WAREHOUSE COMPANY,
asking for lease of the front for the erection
OF docks, &C. The Pier and Warehouse Company
applied for lease of land under water sufficient for
the construction OF ten PIERS together with the
intervening space OF about two hundred
feet. for docks and slips, on the Nortn
River, beginning little south OF pier
sand feet. The terms offered were that the Depart
ment OF Docks should construct the sea wall and
streets according TO the plans already adopted, and
should apart the said three thousand feet for the
accommodation OF vessels propelled In part or
wholly by steam. The company was TO lease the
premises for ten years, with the privilege OF four
renewals, making the whole term fifty years:
the cily to buy the property, at the explra-
III the meantime the property To be free
from taxation; the COMPANY to pay annually
for each PIE, wInh buIkhead, &c. $4,000
for the first ten years; for the second ten years,
$1,000; for the third ten years $SOOo for the fourth
term $4,000. and for the filtn term, $4,000. The
company offered for the lease 100000 fun paid.up
stock for each per- at least 100 feet WIDE aud 500 feet
long WITH warehouse , according 10 plan hereto
troll and management OF said piers. The 3 900 feet
OF water front VIII take from pier No. to No. 20. Z
each or which Is valued by It's present owners at
from 100000 to $4,000; and as they private
property they would have to he bought by the city
at cost OF AT least So 400 454 which the annual
interest at seven per cent would he S-3g,431 In adj
ditiOn the necessary buildings would cost
Sl,42O,454 For TINS outlay the company offers an
annual rent of 10000 and deposit of OF its
own stock, with no assessment. ans calculation
shows balance in the interest account against the
city OF Sl,794,3iS Tor the rst ten years: and consd
ering the renewals tue amount would probably ex-
coed the cost OF the entire improvement OF the water
front from SiXty-lrst street North iiIver to Grand
street. East River, considering In addition the
emptlon from taXa.lCn and the loss to the CITY Of
sllpage, dockage NC. The committee considered
mat stch lease would put the control Of the
front In me hands OF company 80 rs 10 he detrL
mental TO the best interests OF the city. The com.
nittee favor the project o leasing piers and wharves
sailing vessels, and believe TIE piers viii be
mus seii-sustalning. The committee also advo.
cate liberal poncy IN relation to the river
front, with a view TO stimulating commercial enter
prise but think 1t advisable 10 retain contro OF the
entire water 'front.' while leasing the bulkheads &C.,
Tor strictly commercial purposes. Persons seeking
gain by eXactionsI rom commerce, In the shape OF
hign rates OF wharfage must then have recourse to
other sDecuatoDs less injurious to the public
interests.
For these reasons the committee recommended
that the application be uened, and the Board,
adopted the report.
The Auditing Committee reported In favor or paw,
ing slndry bIllS, amounting In the aggregate to
S75,s06. The report adopted.
Aier the transaction OF a good deal OF executive
business the Board adjourned.