Perth Amboy evening news., 1923-02-09

tude, the extension OF kayette street,
Will improve it. Assuming the terri
tory south OF Eayette street to be-
come residential in character. then
the strip north thereof, extending
to the Lehigh Valley railroad, Will
be in a still greater degree beneht-
ed; because without such a street
as IS proposed, it would otherwise
nave no street frontage except mat
along Convery place, nearly a halI
mile distant from the eastern end
of the property.
The area of this strip on the north
side OF tayette street is 1857 acres
and the present assessed valuation
aggregates $20,370. Considering the
rail and proposed street facilities,
and bearing in mind the scarcity OIL
other available industrial tracts in
the city Except extremely valuable
waterfront properties), it is believed
that the proposed Improvement
would warrant an assessment Oh
S4O,710, equivalent to $4,000 per
acre. The augmentation of ratabIes
In this northern strip would then be
$40,
The territory south OF Fayette
street extension and north OF Smith
street is indicated on the accom-
panying plot, which also shows pos
sible new streets. Present assessed
valuations are as follows:
Convery Pl. to Grove Hill Rd.
500 acres, at $500 ...~...$12,0S0
Grove Hill Rid. to kirkland Pl
TAB acres, at $4,000 $500. 1883
Kirkland Pl. to eastern end,
4 acres, at $1,450 ........ o'So0
$34,919
Single interior lots on Watson ave-
me. less than a quarter-mile from
the area in question, are held at
prices I'D to $4,000. Interior lots on
kirkland place within the boundar-
les of this area are valued at the
equivalent of $4,000 per acre.
The plot indicates that, after MAX
ing duo allowance for further streets,
2S5 building lots, each 20 by l0O
feet. would be derived, plus about
one acre shown unplotted. About
| the cheapest residence building lots
in Perth Amboy are in the neighbor-
| hood of blocks 402 and 400. In this
unpayed and totally unimproved Sec
ton, rs by 100 foot lots are assess
ed at 5000 each and are being sold
at about $400. The 2S5 lots to be
created under the proposed plan Of
| extension would be assessed, even at
the low rate of 5000, at $57, 900. On
| an equivalent basis, reduced 40 per
| cent ON account of its lack of street
frontage, the unplotted acre is rat
| able at $4,000. Hence the total rat
ables after improvement would be
$4,000, and the increase over pres
ent ratables, south of Fayette stree:
extended, would be $24,171. Thus
the proposed improvement would
cause an immediate increase in rat
ables of $24.171 plus $20,S40 oil
SASH in this area alone.
Cost
The primary though not the larg-
| est Item of expenditure is for &C.
curing lands and improvements
| The assessed valuations lost have
| been cited as $S,242. The cores
| bonding actual valuations at the
present time are Professionally esti'
mated at $4,000 and so per cent
more than this, or $22,500 has beer
| set as the possible cost of acquisi'
ton by the city.
The necessary bridge where Fay
| cite street crosses the Central Rail
road of New Jersey would, with is
approaches involve an expenditure
of about 100000. In arriving at THU
figure, II has been assumed that the
entire cost would be assumed by the
city.