The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-28
Local Improvements May Be De-
ferred Until After Assessment.
WILL SAVE TAXPAYERS MONEY.
Councilman james Points ont n Way
to Reduce Interest Charges on
District Improvement bonds
Present Real Estate valuations
Too Ioy-New Assessment Would
Raise Them-Owners Benehted'

Councilman James. chairman OF the
council committee on finance and corpora a.
lions. believes that II would he wise pasi-
ness policy for the city Of Seattle 10 90
rather slow on street Improvements under
the local improvement district Dondlns
plan until after the new realty assessment
is made 1t is Mr. James belief that by
following this policy a material saving IN
interest charges can be made 20 property
holders. on whom rests the obligation 10
redeem the bonds.
The Fourth ward member has COMMUNE
Gated to several OF his colleagues his views
on the matter and there Is reason TO be-
lleve that for the next two months AT least
local improvements under the bonding sys-
TEN Will be held back pending the ne"
assessment to be made by the county as
SCISSOR
word Of explanation in this connection
was given last night by Mr.. james In an
Interview. Said he
For the past two or three years the
local improvements ordered by tho council
under the district bonding system have
been made under circumstances which
have compelled the payment Of what seems
TO be large interest rate on the part
OF the property holders. The council has,
by reason OF circumstances entirely be
yund Its control, been compelled to hS
the rate OF Interest on these bonds at from
q 10 per cent The business districts
where improvements have been ordered
under the bonding system have no. SUI
fered 80 much the outiyins residence
district
Reason Tor Hish Rate.
"The ressor for this condition x affairs
lies In the very simple fac TIA assess
ment Of rea. property tas beer Yss- "a
this county or state sine 10 Ihe os $50
lature Of that year provided by .Sv n'.t
real property assessments sh0u.C ae macs
biennialiy and fxed the time u the afst
assessment after the act went Into effect
for 100 Il requires no argument 10 snow
that the assessed valuation placed on real
property In the city OF Seattle in 1897
Will not hold good now
because Of the low valuation placed on
city property by the assessor in 1897, due
TO conditions prevailing AT that time it
has been a difficult matter Tor the city
10 float the bonds Of local Improvement dis
tricta at a low rate OF interest For OK
amp.e. the agent ~ the Eastern bond
buyer FIRST ascertnlns the Assessed valua-
tion OF tho property covered by the ocdl
Improvement bonds. He finds updcg x
listing conditions. that the amount Of hoa1-
ed Indebtedness Is comparatively high con-
sidcrng the valuation placed on the prop
erty by the assessor, Under such circum-
stances he requires higher rate OF in
terest on the bonds than the circumstances
warrant
II ARMY believe that fair valuation
placed on real property In the city of Sc
attic by the assessor next month Will result
in a very material increase Of the assessed
valuation. The prosperity which Seattle
has enjoyed by reason OF improved condi-
tions all over tho country under Republi-
can national administration. and also as
the enterpot for Alaskan and Oriental
trade. has resulted in an advance In values
OF real property which is not ye; recorded
on the books Untl this is done bonds
issued and sold TO defray the expenses Of
local improvements under the district
bonding plan must bear a comparatively
high rate OF interest.
"My opinion Is that II would he a wise
thing for the city TO hold back these Inn
Irovements except whore public health or
trafhc conditions imperatlveiv demand. I'M
I'll the new assessment IL made. II this IS
done ! believe the bonds can he sold al a
rate of interest varying from To per
cent Thus tho property owners viii be
saved very considerable amount OF
money"
The New Assessment.
Tho county sssessor VIII begin the work
of assessing real estate In the city and