Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-08-02
City Building.


As some misunderstanding seems to
exist us to the proposed contract between
the city and the Augusta City Building
Company, we republish, by request, the
order unanimously passed by both branches
of the city council, July ], as follows:
Ordered, that the same committee pre-
viously appointed to report upon public
building, with the mayor cx officio, be APP
pointed and is hereby empowered to con
tract on behalf of the city, with any 1850
citation or corporation composed OF citizens
of Augusta, and formed for the purpose
for the building. by said company, of a
suitable city building to be located at the
east end OF the Kennebec bridge, and on
the north side Of Cony street In said Au-
gusta; said building to be built partly on
land now owned by the city, and partly
on such adjoining land as may be pur-
chased by said company and added there
to; the aggregate cost of such building
and such additional land not to exceed
s55. 600; and said committee is hereby
further authorized to execute on behalf of
said city, all necessary agreements to bind
said city to lease from said company, when
organized, for term Of 90 years, said
building, and the land thus purchased by
said company at q rental, which shall
yield to said company not exceeding per
cent free of taxes, on the actual aRgre-
gate cost OF said building, and the land
thus purchased; said rental to be payable
annually, said city to have the right at oil
times to sub-let, and the option to pur-
chase from said company at any time af-
ter 10 years from date of lease, said COM
pany's land and buildings at their original
cost, by annual payment OF $4,000 until
the sum of $50, 600, or the cost of the
building shall have been fully paid, when
the building and land shall become the
property Of the city; no charge to be made
by said city for said company's use OF the
CITY land on which the building shall
stand Said committee is hereby en-
powered to settle on behalf of the city all
fnrther details of contract and lease which
may DO necessary.
Following The strict authority of this
order. a contract has been drawn by Heath
& Andrews, and submitted to the COM
mittee of the council
1t provides that the plans and specifica'
tions shall be under the sole control of the
CITY and that in no event shall tho cost of
the land and building exceed sos, 000-all
work to be done by the lowest responsible
bidders. and in the end all bills to be
audited by the city II the cost exceeds
s55. OOO the stockholders lose the excess.
| The stockholders receive per cent
free and clear After 10 years the city has
the option of buying the building at any
time by paying $4,000 a year. The con
tract follows with care the terms Of the
order above printed. The company must
buy of the city the land to be bought Of
Mr.. Titcomb under the order vetoed by
| the mayor.
The city cannot build building by
taxation-the burden would be too great
We can borrow no more money, as We
have exceeded our constitutional limita
tion.
Under this plan, the city gets the bene
fit of using s55, 900 on city building
without taxation or creation of debt, by
having 4 per cent, with the right to buy
after 10 years. II then able to buy. TX
the gentlemen interested in the proposed
company, there is no possible profit ex
Dept tho small rate of interest on theil
money. II the cost should exceed 300, 600
they take the risk of loss.
Mrs. W. c. Snow is visiting Mrs. 81. c
Griffi tn, at Belfast.
i Mrs. s. W. Matthews is at Ocean Point