The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-04-07
CITY HAS A BIG ASSET.
GROUND RENTS FOUND TO BE
WORTH OVER S246,OO0.


This Put stopper on the - Per
Cent. Discount to Ground Rent Lot
owners-SeveraI Who Intended 10
Pay I'd Caught in the Lurch-The
Asset Likely to Cut Big Figure
in the settlement of the House
Drainage Question.
The city has an available asset TO the
mount of $246.O0O and a little over which
ew people knew of. This fact was brought
20 light by Mayor Meldrim at the meeting
of Council last night very much to the
surprise of the aldermen, none of whom
were aware thar the city was SO well fixed
for an emergency.
The Mayor evidently did not intend to
make the fact public Immediately, but was
forced TO do so in order to stave off an ex-
tension of the offer to ground rent lot
owners 10 extend the time for making their
lots fee simple at a discount Of % per cent.
This will be sad news to some of the
ground rent lot owners who had delayed
taking advantage of the city's offer on the
understanding that the time allowed would
be extended by council. 1t Is these very
ground rent lots which furnish this valua-
BILE asset and instead of being settled at
u discount of 25 per cent. they can be dis
posed of at par.
The matter was brought out by a motion
of Alderman Charlton to extend the time
allowed the ground rent lot owners to
make their lots fee simple al discount of
25 per cent. for sixty days.
Mayor Meldrim called the attention of
the aldermen, in a very guarded manner,
to the fact that they were disposing of a
very valuable asset of the city. With an
asset of nearly $4,000, earning to per
cent, which might DE disposed of at par
was it advisable he asked, to dispose of
1t at discount of 20 per cent. The alder
men did not take the hint.
There was some discussion as TO the pur-
pose for which the money thus brought
in should be used, Aldermen Krouskoff
and Charlton contending that all money
received from this source was TO be turn
ed over to the committee on opening
streets.
Mayor Meldrim inquired If the whole
amount should be paid in would the street
opening committee take it all.
Alderman Charlton replied that 1t would
be the best investment the city could
make Having already secured $4,000, he
said, If $4,000 more should be secured, the
streets which would be opened up would
bring under taxation property which would
pay in taxes much larger interest than
is now received from this source.
Seeing that his former remark had not
been understood, Mayor Meldrim announc-
ed that he had received assurance from
what he considered a reliable source that
the ground rent lot assets of the city
could be disposed of at par, amounting to
something over s246000.
Il have had this matter under consider
alton for some little time" said Mayor
Meldrim. Il have consulted with the city
attorney, and only this morning received
his opinion that there Is nothing to pre-
vent the city disposing of this asset
should it see fit to do so. / have reliable
assurances that il can be disposed of at
par or better. The party making this
offer shall be nameless at present, but he
is one in whom We all have respect and
confidence"
Mayor Meldrim said that he had intend
ed taking the aldermen into his conf
dence before making the matter public,
but the pressing of the resolution to ex-
tend the time to ground rent lot owners
made it necessary to announce the fact
at once.
The aldermen were rather taken by sur
prise, but they saw at once the reasonable
ness of the Mayors position. Alderman
Charlton offered to withdraw his resolu'
ton.
The city attorney was asked f there was
any litigation affecting this property. He
replied that their was none. the Supreme
Court of Georgia having unanimously de
cided that this property is taxable, and its
decisions being final.
Alderman Krouskuff said it was very
strange that it should be found out nov
what a valuable asset the city has. Tit
proposition to offer a discount was con
sidered a very good one and had been gen
orally approved outside of Council. Al
derman Krouskoff said it was almost
personal matter with him, as he had as
sured parties who had other needs 70
their money at the time that the tim
would be extended and he knew that som
had held back on that account. For thi
reason, he asked, that the time be eX
tended at least thirty days. Only abou
$4,000 would be likely to come in, he said
Alderman Charlton admitted that he wa
practically in the same position as Alder
man Krouskoff. He had not heard of tn
matter advanced by the Mayor. not nav
ing been taken into his confidence. If sue
an advantageous deal could be made h
would not urge the resolution.
Mayor Meldrim explained that he ha
been working upon this matter for som
time, but did not receive the assuranc
until yesterday morning which warrante
him in making the statement to Council
The resolution now urged had made
necessary for him to make a statemer
of the matter to Council at once
BY suggestion of the Mayor, the motto
was laid on the table.
While nothing was said as to why III
city should avail itself of such an ass,
it is not unlikely that the subject Of hous
drainage occurred to every men
her present with the sati
factory reflection that there was
means at hand of completing the systel
and paying for it on a cash basis. 1t
not unlikely that with the intimation fro
the court that the contract might be d
claFed invalid. making it necessary for Il
city 10 enter into some new arrangemei
for the completion of the work, cause
Mayor Meldrim to reflect upon the sitl
alton ana to consider what other resourc,
the city had al it's disposal.
With the contract declared invalid Il
present contractors would be simply
the mercy of the city, which could the
settle with them on its own basis
fact, the city need make no settlement
all unless it chose TO do so. The wol