The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-08-05
SAVE $4,000.
City Will Not Sell All Santa Fe
Bonds.
Necessary to Dispose of Only
$58, 900 Worth.
USED GOOD JUDGMENT.
Committee Has Managed the
Business Very Well.
How the Necessary Ground Has
Been Secured.

When the purchase of the Santa Fe
land is completed, the bills all paid the
bonds sold, and the property cleared, II
viii be found that the city of Topeka
is $12, 900 ahead of the original estimates
on the cost of the deal
Instead of being obliged to sell $4,000
worth of bonds to pay the price of the
transaction, it will be necessary to sell
only $4,000 worth, and possibly not
over s57. 600 worth.
This good showing is due to the care
full and businesslike administration of
the big deals involved in the purchase
of so much land. The purchase was
managed by business men throughout.
who devoted as much effort to securicS
good terms for the city as they would
have done had they themselves been
purchasing the land
The sale of the improvements on the
last Il acres of land took place Satur-
day Bids We're opened at noon, ana
they are now classified and the pur-
chasers can get their property
The result of the sale was very graf
flying. The amount realized was about
$4,000. On several houses no bids were
received, and there are three houses
still to be acquired by the city. 1t is
therefore impossible to state the exact
amount which the improvements will
w .. WHO Is III
charge of the sale of the land, states
that the total. including the amount re-
ceived for the houses sold several
weeks ago, will be over $500.
A great many bids We're received, and
the work of classifying them was no
small task. The highest prices receiv-
ed were for two houses formerly owned
by Mrs. Annie Shelton, which brought
$3.50 and $456 respectively From this
the houses sold as low as $40 apiece.
l.
Santa Fe shops is naturally divided in
to two separate transa ctions; one
which was engineered by the CONNER
cial club, backed by the credit of the
city, and the other which was managed
directly by the city council
The first deal was commenced before
the Santa Fe shop bonds were voted.
Owing to the fact that the Santa F'e
company was in a hurry for the land,
the members of the Commercial club,
by private pledges and loans, raised
$25, 900 cash, which was used to pur-
chase two half blocks of land west of
Klein street On this land the black
smith shop is now in process of erec-
ton, $1,000 of the money has been paid
back, leaving very close to $4,000 yet
due to members of the Commercial
club.
The second chapter of the land deal
is not yet completed but it has pro-
gressed so far that it's outcome is evil
dent.
The land which has been purchased
recently has cost the city $49696. This
is $1,000 less than the original estimate
on the cost of the land.
There is to be subtracted from the
$4,000 the amount of money which the
city will receive for the buildings which
stand on the land, and the $500 per acre
which the Santa Fe company will pay.
The estimate which has been made on
the amount to be received from i'm
provements is $4,000, though it is likely
that it will be considerably over that
sum. The amount which the Santa Fe
viii pay for the land is about $4,000.
There is thus $12,O 600 to be subtracted
from the $40, 600. leaving $37 900. To
this must be added the $40, 900 due to
members of the Commercial club on the
first land deal, making a total of $751;
000 There is also the interest on the
money which has been loaned by the
banks of the city pending the sale of
the bonds and the expenses of selling
the land, all of which, it is thought to-
gether with incidental expenses can be
covered by $1,000. This makes the total
amount of bonds to be issued only $685.
0OO
Condemnation proceedings have been
commenced to get possession of two
lots of land owned by non-residents
When these two lots have been apprais-
ed the money paid into court and the
titles secured. there will be nothing left
for the city to do but sell the buildings
and turn the land over to the company.
The company is very anxious to have
these transactions completed as raDi6ly
as possible, and it is ready at any mcA
ment to put a big force of men and an
immense amount of material on the
ground to start the work of building.
The Santa Fe bonds have not yet been
sold, but several parties are negotiat-
ing with the city. and will likely make
an offer for the bonds within a short
time
w. S. Bergundtha1, member of the
city council from the First ward has
been the agent of the city in the pur-
chase of the last lot of land. He has
devoted considera bic time to the work,
and the city council will probably vote
him a cash compensation for his ser
vices.