, 1873-12-28
THE LAKE FRONT.
Shall It Be Sold to the Rail-
roads2
A C0uiCit Committee to Be Appointed
to Find the Public Feeling.
Opinion Of nn Expert rs to the
Value Of the Property.

COMMITTEE TO 1}E APPOINTED.
Mayor Co1vin wis interviewed On the subject
Of solling tho lake-front property. Ho porson-
ally favorB It. Monday night tho Council will
appoint a committee to ascertain whothor tho
people Of tho city think $500, 900 is Hut1lciont
compensation for the land, md II the general
sentiment is found to bo TINT TINT sum Is sufll-
oiont tho s200,000 now in the First National
Bank will bo immediately placod to the credit Of
tho city. Tho railroad companies, 1t Ia said, aro
prepared TO pay the remaining 5000, 900 whom
it is called for 1t is believed that
thero will 10 no opposition on tho part Of Mr.
OH Michigan nvonue md TINT notwithstanding
tho repeal Of the " Lake Front net, the city chi
give qut-claim decd for itR interest in tho
property.
THE PRESENT VALUE OF THE PROPERTY.
A reporter Of THE TRIBUNE called upon 1lr.
james II. Roes yesterday afternoon to ascertain
his viows with regard to tho value Of tlat por-
ton Of tho luke front which the railroad COM
rancB desire to secure. As llo iB man of large
experience and thorough information In tho
ordinary weight. Tho conversation waB aB fol-
lows
The Reporter What In your opinion AZ to tho
present real yalo Of that part OF the luke front
which the railroad companies want!
1lr. Reos-Well, it is pretty hard to dispose Of
real estate just now, but, il that property. was
sold on Ordinary terms, II would bring about
91,200,000, or half what 1t waa worth when times
woro, better. The aroa Of tile gronnd, and its
location would help tho sale good deal.
Tho Reportor-What is the area i?
Mr.. Roos-About !, 200 foot front by 800 deep.
Tho Reporter Would tho property be worth
moro II 1t was subdiyided into 1ots2
Alr. Recs-No; TINT would mako no particular
difference in tthe price, ~ tho cast and west
streets do not rim through. The property, as
you know, has only one front. I haye lot for
sale in tint vicinity, which ia much botter Hitu-
ated than tho lake front ground, for which
1900 for It.: This will give you an idea Of the
general condition Of the real estate market.
The Ioporter-Woutd 1t increaBo the value of
the lake front If, says Randolph, Washington, and
Madison stroets were run through to tho railroad
track?
Mr.. Roos-I think 80, as it would then bo-
come moro desirable business property than 1t is
now.
Tho Roportor-Ho ow much would tho property
DO worth If sold tn lump, to ho paid for, say,
in threo months?
Mr.. RoeB-You cannot dispose OF real estate
on thpse terms now. When said it WAS worth
II zoe. GOO. I meant that 1t WAS worth that
with one-4uarter cash and tho balance in ono,
very advantageous in stringent times, like tho
present.
Tho Roporter-It ia your opinion, thcn, that
the city would make money by selling out for
9BllU, ,0u0 cash.
Mr. RooB-A[oBt decidedly, considering tho
nature OF tho title which the city has got to tho
property.
FEELING OF THE pnoPEnTy-owNERs.
AID. Jesse spaulding etatoa TINT he has seen
nearly nil tho proporty-owners OIL tho Lake
front, and, with tho exception Of Mr. scammon,
they haye Expressed themselves in favor Of tho
immediate Ha1o Of tho three northern blocks OF
tho Lake Front Park to the railroad companies
FOR grand central depot, the property to be
sold at n far market price, and tho proceeds to
tho money can be paid iii within ninety days af-
ter tho terms aro agrecd to-. It is alBo generally
considered bcst to Hcll all city property which il
not paying amy revenue. and thus obtain funds
to pay or tho floating debt md reduce taxation.