The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1914-03-19
CORN PALALE
PROJECT
~ ~
lit MISS MEETING

tracks would be immaterial, as its
yards were to the east of the station.
He closed with a plea to leave the
matter entirely in the hands OF the
new building committee.
The plan for financing the con-
struction of the building, by the sale
of bonds bearing G per cent interest,
was outlined by Robert Burns. No
discussion was raised on this feature
of the report and Mr.. ScaIlin's mo-
tion to- adopt the report and leave the
selection OF the new site to the build
ing committee, passed with 81 unani-
nous rising vote. The special com
tiittee also was given Il ~rousing vote
of thanks, every person at the mass
meeting standing on the question.
The report of the committee in its
entircty follows:
Two Feasible Sites.
Your committee appointed to re-
ceive propositions for sites for a To-
cation for the Corn Palace beg leave
to submit the following report and
Recommendation, keeping in mind
the sentiment expressed at the an
nual meeting that the location should
be kept OH Main street, we have con-
sidered more carefully such locations.
The only feasible locations offered
were the two sites offered by the
Mitchell Trust Company, one being
the present site Of 1he Corn Palace
.consisting of six lots, which propo-
sition Is as follows:
F" Tho five lots now occupied by
the Corn Paloce, being lots Z, s, 8
10 and IL, Block IL, NJ. IL. Row
ley's addition to Mitchell, for the
sum OF $4,000. cash; or-$15,0OO
In time, from n tostwenty years, at
8 per cen interest Myable annually;
or payment in bonds, bearing inter-
est at 6 per cent interest per annum,
payable in twenty years; or, rental of
the lots for a period OF five to twenty
years, at s per cent interest per an
mum, OF the valuation and taxes, with
the option to purchase at any time,
during the first ten years at, $500,
or, six lots for the sum of 1000,
'The other location offered con-
sists of six lots on the corner OF
Seventh and Main, Just two blocks
from the present site, and on. the OPP
lposite side Of Main street, which pro-
position is as follows:
Lots 81 10, IL 12, l3 and IA,
Block 4, M. II. Rowley's First addi-
tion to Mitchell, for the sum OF $s,-
500, cashs or for the sum of $4,000
on twenty years time. at 6. per cent;
payment may be made in 6 per cent
bonds
Location Not Material.
Your committee se0hsidered these
1.-Two locations very carefully from
several standpoints. In the matter OF
attendance-it was the unanimous
Judgment of the committee that the
patrons of the Corn Palace would not
object to walking headditional coo
feet if the prograMwa attractive
and consequently the difference in To-
cation would not dettact at, all from
the attendances Ann considering the
proposition fn'rcfere.lce to Financing
the Sch eirfes the difference inAprice
appealed to the committee as it would
allow SO much more money fdf the
construction OF the building. The fact
THAT the Corn Palace! itself cannot
be considered from n rental PROPOSE
ton, and as our city grew there
would be no more ,reecnuc secured
from the, building 10 one location
than another CONVINCED your COM
mittee that the location offered on
Seventh and Main was The better, And
for the furtllef. fact that the owners
OF. this property weres willing to ac-
capt the bonds of, this corporation in
tlien OF payment for said location,
IleavinE the property%to BIO mortgaged
for the benefit Of all the bond-hold-
ers makes It vastfyfeasier to finance.
In view of ALI these facts; we hereby
recommend the purchase of the six.
lots at. the corner OF Seventh and.
Main streets. /
Suggests Holding Company.
In reference. to constructing o.
building, we suggest that a corpora!
ton or holding company be duly or
sahized under the laws or our state
and, that said corporation issue bonds
tn denominations Of 500 bearing s.
per cent interest. payable on or be-
fore twenty years. We, suggest that
this corporation be entirely separate
from the Corn Palace corporation and
that the board Of difectors of the
building corporation Be the commit
tee into whose hands is entrusted the
construction, maintenance and man
Eagement of theTbuilding. We further
suggest that the corporation, when
duly organized, elect from among the
bankers' of the oltyss, trustees to whom
this PROPERTY shall be mlorrtgaged in.
trust for the protection of the bond
Holders. We recommend that when.
the building is completed the same
shall be leased to the Commercial
club of Mitchell for a yearly rental
equal to 6 per cent on the amount Of,
Is Del cent on the amount OF bonds
issued to complete the structure.
In this lease, sufficient time
shall be reserved for holding the an
nual Corn Palace and the net returns
from such festival be turned over to
the corporation to be applied on the
bonded indebtedness. Six weeks shall
be reserved for the Corn Palace COM
mittee free of charge. Said CONNER
cial club shall have the right to SUBJ
lease portions Of the building or rent
the entire building for such purposes
as would he atreAa hfa f6pfKta Ek,iial