The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-05-30

not the desire of the Land Company
to derange any of the city's plans, and
if proposes to the street committee
that if desired, it would take the con-
tract to do the grading on Saunders
street and the necessary work on the
side streets at 80 cents per cubic
yard. and agree that the total cost
should not exceed $4,000. If it did
exceed $4,000, it would pay the ex-
street force free to do the work,
heretofore mapped out by the city.
In order that the city's revenues
might not be embarrassed, the Land
Company offers, in case it gets the
contract to. do this work, to take the
city's obligations, payable in reason
able time with 5 per cent INTEREST,"
and if it does not get the contract,
and the city either does the work it
self or contracts it to other parties,
the Land Company agrees to lend the
city money on the same terms. That
is, take the citys obligation, with 6
per cent interest, and advance the
money to pay for the work.
'This matter is before the street
committee. and the Land Company is
awaiting the city's decision on this
subject
"The Land Company, of course, does
everything outside of the city. 1t
would not think of asking the city
to expend one cent outside. 1t is pro-
viding money to furnish the city a
two mile extension of it's railroad
tracks. a mile and a quarter of which
is new construction in the city limits.
1t is proposing to double the value of
a great deal of property in the city
and subject to city taxes. All it asks
is that the city improve one of its own
streets and grade it according to the
plans and recommendations of it's
own engineer. If the city will do this,
the Land Company will do its part
and do it Immediately. If the city
decides not to do this, the Land Com
pany will let all it's options go, sell
the small parcels of land which it
owns. and dissolve
1--WE think this is an opportunity
whereby the Land Company and the
city can both be greatly benefited.
The Land Company Will eXpend more
than $4,000 within the next two or
three months. The city is asked to
assume obligations to the amount of
$4,000, for which it Will get a mile
and quarter of street ear track, new
constructions, and half mile of inn
proved street in it's own limits. 1t
will secure so large AN increase i'm
the taxable value Of property that
every cent of this expenditure will be
gotten back in three years and the
increase i'm taxes Afterwards will be
at least $1,000 a year and vii be clear
profit We don't believe SO adYan
tageous a proposition has ever before
been made to Raleigh or any other
North Carolina city. Ii is for the city
to say whether it will accept it or de-
cine IT, II,
II have been asked whether, in case
the city declines to improve Saunders
street, the street car company and. the
Land Company will not be wiling to
improve il without heIplfrom the city.
l will answer that question definitely
and finally Neither the Land Conn
pany nor the street car company will
be wiling at their own expense, to
improve the part of Saunders street
within the city limits. The only con-
tngency in which either of those COM
panies would be willing to pay a cent
would be if the-city let the contract
for grading the street to the Land
Company and the $4,000 paid by the
city was not sufficient, then the work
would be completed by the Land Com
pany no matter whattt cost Neither
the street car company nor the Land
Company will do more If the city
thinks it is unwise to risk $4,000 in
improving its own street, the Land
Company will conclude that its eX
penditure of more than $4,000 is in
judicious, and will do nothing
THE matter is with the city"