The Savannah morning news., 1904-01-23
GOLD OF NORTH
WILL NOT BUY
TITLES TO TRUST LOTS.
CITY WOULD NOT CONSIDER OFFER
FROM A SYNDICATE.

Holders of Trust Lots VIII BE Pro-
tected in That the City Will Not
Sell It's Rights to Land to SpecuIA-
tOrs-COuId Sell Out Entirely on a
Ten Per Cent. Discount, But Pre-
fers TO Allow Holders of Lots 20
Per Cent, for "A Short Time, if
They Desire TO Make Property Fee
Simple.
Northern capitalists are eager to Sc
cure from the city titles to the trust
lots that are now held by citizens, be-
ing willing to accept the minimum dis
count of 10 per cent.
But the city will not deal with specu-
lators. Only those who are now pay
ing interest on the balance due on the
trust lots will be allowed to make them
fee simple. Acting Mayor Dixon says
that the city would not think of selling
out its claims, and thus make it possi-
BILE for the purchasers to infiict great
hardships upon citizens.
The trust lots in Savannah represent
about s206,000, but a large number of
the holders are already taking advant-
age of the liberal discount that is being
allowed by the city. for very short
while, and are making the lots fee
simple. The Mayor and aldermen will
be kept busy at the next session Of
Council signing deeds from the city to
the holders of the lots who want to
pay up what they owe, and take ad-
vantage of the special discount of %
per cent.
Under a former administration, when
a special discount was offered those
who desired to make their trust lots
fee simple an effort was made by a
syndicate to purchase the city's in
terest. At that time it was ascer-
tanned that If the sale was made the
purchasers could shut down on the
trust lot owners and force them to pay
the balance due, whereas the city could
not infiict any such hardship.
Contract Is Perpetual.
Years ago when the city cut land
that it had no use for into building
lets and sold them off. it was stipu-
lated that if part payment was made
the purchasers need only pay interest
on the balance due. The agreement
was perpetual one, and at no time
can the city force the holders to pay
the balance due. There has been "A
standing offer of a 10 per cent. dis
count. however. to those who express
ed a desire to pay up in full and make
the lots fee simple.
When Council offered the special In
ducement of a discount of 25 per cent.
in order to secure money enough to
lay for the new City Hall during the
current year. great many of the
holders of trust lots accustomed to pay
their annual ground rent, came for
ward and expressed a desire to pay the
balance due on the lots, less the dis
count offered.
Many Taking Advantage.
Acting Mayor Dixon says that a
sufficient sum will be realized in this
way to take care of the new building
and that, too, those who cannot afford
to make their lots fee simple will not
be embarrassed as they would certain
ly be if the city sold it's rights and
claims to the trust lots. OF course the
city could save 10 per cent if it sold
its interest to a syndicate, but nothing
of this sort will be done.
The holders of the trust lots pay
per cent. interest on what is due the
city, and besides are required to pay
taxes on the land as we'll as the i'm
provements. For a time the trust lot
owners were not compelled to pay
taxes either on the lots or improve
ments, and when the city began to
insist upon the payment of such taxes
the case was taken into the courts.
The case went as high as the United
States Supreme Court and in each tri-
bunal it was held that the city could
force the trust lot owners to pay
taxes. Even with the standing dis
count of 10 per cent. a great many of
the lots are made fee simple annually.