Evening journal., 1911-05-13
NEW THEATER MAY GO UP
ADJOINING BIG HOTEL
CONTINUED from First Paee.l

City Council, offering to sell its build
ing at the contract price plus the
value Of the land is as follows.
May 70, 1911.
To the Directors Of the Street and
Sewer Department, Wilmington,
Del
Gentlemen Pursuant TO the re-
cent offer of the Wilmington Trust
Building Corporation to erect a mod
ern hotel at the southwest corner Of
Eleventh and Market streets. on con-
dition that the city will widen Elev-
enth street 20 feet, and for that pur-
pose pay for and take over the new
building Of this company at Eleventh
and Market streets. ! have been au-
thorized by our board Of directors, at
a special meeting today, TO submit
the following proposal.
We will turn over TO the city the
strip of land 20 feet wide on Market
street, running back between parallel
lines 100 feet on Eleventh street, to-
gether with the building which has
been erected thereon for the actual
cost Of constructing the building, in
cludng interest and carrying charg-
es. plus $4,000 for the land
I'm making this proposal We feel
that We are not asking the city the
full value Of the land, and certainly
nothing like its value to this COM
pany for II is impossible for us TO Sc
cure another site with equal advan-
tages for anything like S25,000, TO say
nothing Of the trouble, delay and in
convenience.
The contract cost OF the building
complete will be.
General contract, G. p. An
derson g. Son ......S $40 ,999.13
Plumbing, William G. Robe
len .-.... ............... 1,4ao.UO
Decoration and equipment,
Chapman Decorative Co. 2,55O.OO
Vault work ............. 5000
Architect. John D. Thomp-
son. Jr. .............. 1.s542i
Taxes. interest and miscel-
laneous carrying charges. 2,602.9l
Total ...- ....... .s29 ,OS4. SIS
Land t2ox1O0 feet .. 100000
Total o.. ............. .s54 .034.S5
The building is so near completion
that Il will he difficult to reduce The
actual cost very much below the con-
tract figures. even n the building
should not be finished. and we there
fore make two propositions: a.
$1,000 may be deducted from the fore
going figures and we will take our
chance in closing up outstanding con-
tracts, or ca we will accept the con
tract cost and refund TO the city what
ever We may be able TO save In closing
the contracts.
The figures quoted are adjusted 10
June ! II settlement be made with
MS before that date interest may be
deducted for the time intervening be-
tween the date of settlement and the
first Of June. II settlement be made
after June j. then interest and taxes
should be added from that time.
II IT viii he any accommodation 10
the city. and provided n can be legal
~ arranged we are willing to accept
the city's obligation in payment for
the property. payable with interest,
at such time as II many be con
venient TO make settlement IN cash.
In conclusion. permit me 10 state
that nothing could induce us 10 part
WIN tDe property at the figures pro-
posed, except disposition 10 en-
courage the construction Of modern
hotel for Wilmington. which everyone
agrees is badly needed The fact Is
that " will not he possible for us 10
take the proceeds from the sale Of
this property and at anything like
the same cost. TO erect another build
Ing in q location as equally woll
adapted to our particular uses as the
Eleventh and Market streets corner.
The impression has prevailed in
some quarters that for q year or
more this company has been holding
up the DUPONT Company in its desire
10 erect hotel or an addition 10 its
present building This impression Ia
not correct and 7 am glad 10 note that
AZ tho meeting Of City Council last
night Mr. Raskoh. representing the
DUPONT company. made ~ a point 10
do what he could m correct that i'm
preston.
Respectfully submitted.
Continental Life Insurance Company