The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-11-05
TO CANVASS VOTES
C1sY COUNCIL TO PASS ON THE
BOND PROPOSITION TONIGHT.

Contract Between the Property Own
ers and the City CounciI-Then Or
dinance VIII be Passed Issuing the
Bonds Which Will be Registered at
Topska-Bonds VIII Probably be Ex-
changed TOR the Land.
This evening Mayor Ross and the city
council viii meet to officially canvass
the vote on the bond proposition The
citizens on Tuesday, by a majority Of
1,24S, voted bonds for the purpose Of pur-
chasing part Of the property known as
Riverside and Greiffenstein parks, 'front.'
ing on Little river. Bonds to the amount
Of $4,000 were voted for and carried.
The first thing that win be done will
be the signing Of contract between the
city and the parties owning the property.
There are few minor details that will
have to be settled which is under the ex-
elusive control of the property owners
These details, however, viii be settled
Immediately. After the price has been
agreed upon, which will be Incorporated
in the contract and which has been decid-
ed upon verbally, the city council will
pass an ordinance issuing the amount of
bonds that have been voted for. They
will then be registered on the books in
the Office of the secretary Of state and
become interest bearing. Under the Or
dinance and contract, they will bear in
terest not to exceed 6 per cent. The
council will try to float the bonds a
per cent. In all likelihood the committee
in charge OF the deal will submit the fol-
lowing proposition 10 the owners of the
land. That the bonds be given TO them
in consideration Of the property. Thus
saving the expense OF selling them TO
parties who deal exclusively in bonds
Should the land owners desire cash the
bends will have to be sold and the money
turned over to them. This, however, Is
not likely, as the bonds are a splendid
investment and will run for twenty
years.
The total number of acres that will be
purchased in the two parks is 106. Mr.
Coler Sim is the manager Of ninety acres
OF the property in question, f1fty-tWo
acres being in Riverside and thirty-eignt
in Greiffenstein's. Mr.. o. G.. Minis Of
Keene, n. H, is the owner and he has
asked $4,000 or 500 an acre. Mr. L. w.
Clapp has charge of the other sixteen
acres in Greiffenstein's, which is owned
by Mr., Whitcomb OF Massachusetts. At
500 an acre for the LOG acres it will cost
the city the sum of s10,60O. The other
$500 Will be used in constructing
bridges and approaches TO the parks and
improving the grounds.
Mr.. Sim said yesterday that he thought
that Mr.. Minis would accept the bonds
IN exchange for the property, provided
they were issued at per cent. He was
positive that they would not be taken at
3 per cent. The gentlemen who own the
property were Tooth 10 part with il at
500 per acre, but when it was explained
that the land was desired by the city for
parks they consented to sell at the fig
ures submitted by the city officials. Both
OF the gentlemen own considerable prop
erty m that part Of the city and as fine
park would increase the value of their
other holdings they parted with the prop
erty along the river front at greatly re-
duced price. Although they both have
a good deal of land adjacent to the new
parks, they have none on the market for
sale, which shows how Wichita real es-
tate is valued by eastern holders as an
investment. They have heard of the
prosperity that is rampant in the Sun
flower state.