The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-23
Offices, Lofts,
Apartments and
Market Among
New Structures
Young Owner
Takes Active In.
terest inDevelop.
ing His Property.

tsrms Of this contract. The r~csn, a.
abiinR act pssssd by tho iNSisla,urs a,d
approved by the Mayor and the dover.
nor permits the Public sorvios Commls
xon 70 determine under what condition.
the city viii acccpt tho otter Of the inns
Island Railroad Company.
Plans Of the Public Service Comma
sion were TO extend the c.ty's rapid
transit line as far a. WhitesccnA I,
this line were TO be constructed Il would
parallel similar tracks OF the Lons
Island Railroad Company. Thersscrs %
avoid this competition and duplication
the railroad company has offered la
tracks to Whitestone and Little Neck
under the following terms:
A rental charge OF $3.50. 900 psf anuum
for a period OF ten years, with the priv.
lego OF renewal for an additional ,sr
years. either party TO have the right
to terminate the agreement upon a
three years notice. However, there ~
additional charges. The city mus, Ike
wise bea a pro rata charge on thu
basis OF oars handled. for cost OF open.
ton and maintenance Of track and
taxes and power consumed. A pro rata
share OF 7 per cent. interest upon the
COS, OF additional tracks, stations ard
other facilities required for tho joint u.
is charged and a pro rata share Of :
per cent OF the amount expended for
,he elimination OF grade crossings.
With regard 10 grade crossinp the
Long Island Railroad Company . 70.
CURED by law to pay but one-half o,
tho expense, the city ~oue-Quarts~ and
tho state one-quarter.s 20 that TIA c,y
will thus be obliged TO pay one-<nartef
OF the cost Of eliminating gradS cross
ings. as well "a a pro rata charSe Of :
per cent interest on tho one-hal' o. the
cost expended by tho Long Isl.nd Rail.
road Company. The Long Island Rail.
road Company further reserves n.
news. vending. advertising and oths-
station privileges under tho provision.
OF this proposition The Gty may use
the tracks. stations and facilities OF N.
Long Island Railroad Company under a
Joint use Of the tracks. f-st, by u.
Long Island Railroad Company for car.
ry,rg on IS freight and passenger bl.
ness az at present and. second. b. n.
city rapid ans rains In carrying on
1 !is rapid transit business without inter.
ference one by tho Other. but over the
Same line.
Whether these terms IN tho proposal
OF tho Long leland Railroad Company
are high II now being determined b. n
Public Service Commission.
Tho position aiken BY the Long Island
Railroad Company u hat the estimated
cost Of duplicating the facilities offered
by Il would he $4,000 900 from CoronA
20 Little Neck and 32.5oo.ooo for AZ.
tending the line TO Wholesome. TIE In
tercst and depreciation on this a perdi-
'ure 4 is claimed would be more chAn
$500, 400 per mum. According 20 the
plan OF the railroad company me city
In 20 pay for extending 80 preeen'
elevated line rom Corona 70 the conreo
ton with its own n rear White
stone Junction. Tho expenditure :o'
this extension n calculated a. $4,000
In the OPINION OF tho Advisory Ccuoc.'
tho t~axrayrrs' associations thrcughou'
Queens as well az throughout the RE-
~ tho city should insist that ths pro
visions OF this lease he such IA 20 way
rant tho c!ty's undertaking iris arranr
mer- on a sound financial onsis n.
council believes y would b. urNsir 'o'
tho city TO assume any obligations rhicH
would require annual charges create
than tNe interest and eink'ns fund e
NEE; tho bond issues for the same pur
pose.