The times. [volume] (Richmond, Va.) 1890-1903, 1891-02-21
TERMS OF ANNEXATION.
MEETING or PROPERTY OUNERS OF
LEE DISTRICT.

The committee of nine appointed by the
association Of property owners and residents
of Lee district 10 recommend street improve
ments in that locality. held meeting last
evening at the rooms Of the Bar Association,
with Chairman Guy as presiding officer.
Ata recent meeting of the committee sub
committee had been appointed, consisting OF
Messrs. Guy, Dooley and Courtney 10 SUD-
init plan for the annexation of the district.
This committee, through Mr. jackson Guy,
presented the following,
captain John A. Coke chairman OF the
committee appointed to set forth the terms on
which Lee district should be annexed TO the
CITY of Richmond, report as follows:
lice district is a tract of land IN the west
ern suburbs of Richmond. extending from
Broad street on the north, TO Ashland street
on the south. and from the corporation line
ON the east. TO the Boulevard on the west. IL
contains about one square mile Of territory.
about 400 inhabitants, and the assessed
value of its real estate is s1,75O.OOO. The
actual or selling value is about twice as much,
or a. 500. 900. BY the terms of the charter
Richmond is authorized TO issue bonds 10 the
amount of 1s per cent OF the assessed Naue
of It's real estate If Lee district was added
TO the city, she could issue additional bonds to
the amount of S3l5. 900 IA soon as the corpora
ton limits were extended.
AS has been said, the actual value OF real
estate in the district is S3jO0O0O II IT were
assessed by the city assessors 1t would I'M
loubtedly be assessed at its full value.
by the year 1895, if taken into the city
under fair terms and given the advantages Of
streets, gas water and culverts, ITS assessed
value viii not be less than -7,OOO.OOO' because
in addition to the increase OF value III iots'
which ought TO be nearly 100 per cent, there
would be very large increase in the number
of residences, stores and other improvements
So that in the year 1896, when the new assess
ment of 1895 will go into force, the city could
issue bonds TO the amount OF Is per cent on
a., 900. 900, or 81, go 900, of course including
the 1916, 900 issued on the assessment OF 1870
PLAN PROPOSED.
Eve propose then, as basis upon which
Lee district may be Incorporated into the city
of Richmond that the city shall agree,
First. that she will furnish 20 the district,
accordingly as required culverts water and
gas. from all of which she derives revenue
by special taxation.
Second that for street improvements,
such as grading, gravelling, curbing and gut;
tering, the city shall contract TO issue ami sell
annually $50, 900 city bonds bearing interest
mt the rate of four per cent. per annum and
apply the proceeds of the sale of said bonds to
the street improvements above mentioned
and that this contract shall extend over
period of at least ten years.
THE committee are of opinion that tins
can be done without entailing any apprecia-
bic burden upon the city of Richmond and
they are of opinion that the revenue TO he de
rived from taxes in the district will far more
than compensate for the expenditures.
AT the present rate Of taxation (S1.40 on
the hundred dollars. the real estate tax on
the present assessment of sl,75O0OO Will be
SPA 500 per annum.
1.-The personal tax and license tax ought to
be at least 10 per cent. Of the above, or $500:
In Richmond they are about 40 per cent. OF
the tax on realty.
I'VE will make our figures commencing
with the year 1892. as the district could not
he brought in and taxes assessed and collected
for the city before that year.
IF our plan were adopted, the figures would
be as follows:
l''' Rs rssi9y from 1850 Interest on bonds
Revenue from $4,000,
personally, at per cent.
etc.........." ab'5J
2sl75 $500
1893 Revenue from
etc..........,' 2s,l75 100000 64OO
1894 Revenue from
personally,
1926 Revenue from
personally,
etc............ 2S,lfO oSU'OOJ l2oOO
sll2,5OO $4,000
Showing a surplus for the first four years
Of S117, 700.
For the next six years we would figure on
the assessment of 1895, say $1,000, 600 for
reality and 10 per cent of the assessed value
of the reality for personal taxes and licenses.
The revenue would be si.40 on 81, 100000. $4,000
l5per cent for personal and license taxes. 1900
Sll27OO
THE account would then stand as fol-
lows:
Interest
1896 Outstanding bonds, $4,000 at 4 per
cent 1900
1898 Outstanding bonds, s56O,OOO, at a per
cent. '.'.....''...,... vV''' $500
cent e........................... $500
1901. Outstanding bonds, $4,000, at per
cent....................... 5000
Sl4i0e)
Revenue for six years at s1l2 100 would be- s676eOO
surplus. .cOoSSuO
INCREASE IN TAXES.