The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1926-09-18
SCORESPOL|T|CS
IN SALE Of SITE
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the county board by a committee
of the Indianapolis Real Estate
Board. Some appraisers held out for
$1,000 an acre, asserting that was
as much as any person would pay
for subdivision property in that To-
cation. Herbert Fieber, a committee
member, insisted. on a higher valu-
alton, believing the Fairbanks
Morse Company would pay it. A
compromise at $500 an acre was
reached, making $150,OOO for the
twenty acres.
1.-THE land was advertised and
representatives Of Fairbanks-M Morse
appeared before the county commits
sioners and purchased the ground
for $150,000 cash. Some time later,
1 am informed, the county commits
sioners notified Fairbanks Morse
that the transaction was induced
through fraud and the deed would
be- legally set aside.
IF this property were taken back
by the county, 1t would be compelled
to refund the $150,000 purchase
price, plus interest for three years,
plus the taxes, which would amount
to approximately 100000, or $10.-
900 an acre. Appraisers were abso-
lutely fair when they fixed the
300 valuation.
"A year ago I bought three lots
on the north side of w. Sixteenth
St., directly south of the workhouse
grounds, and paid an average price
of $525 for each, improved with
sewer, water, gas, brick street, curb
and sidewalk.
"Of these 1 purchased one each of
John r. WEIGH, Union Trust Com
pany, and the J. G.. Voss estate. At
the same time I purchased of the
Union Trust Company the third lot
south Of Eighteenth st. on the east
side of Northwestern Ave., for 1915.
These lots are appraised for tax at
$3.50.
1.-TWO months ago I bought lot
on the south side of Seventeenth
ST., directly south of the workhouse
grounds for $425. This lot was i'm
proved with sewer, and ceme-t side
walk. These were prevailing prices
in this neighborhood. These lots
were 40x110. You can get eight lots
out Of an acre. 1t is known by
realtors to make any subdivision
that it would cost at least so per
cent of the retail price to subdivide
and sell vacant lots. Therefore for
subdivision the ground should be
bought on the basis of 5000 a lot
making the $1,000 per acre at this
time. This would be equivalent to
$1,000 per acre at the time of the
appraisal.
Although there is a switch run
ming into the workhouse grounds it
is practically impossible to utilize it
for commercial purposes.
1.-THE Fairbanks Morse Company
and engineers Of the Big Four have
developed a plan by which they can
enter the ground, from the south, by
installing a switch back. This will
entail a cost around $4,000 to
$4,000. No small industry could
possibly anord IT.
IF Fairbanks-Morse did not have
an exceedingly large investment
directly across the street they would
not be interested in this purchase.
Most any large industry would go
farther out Of town, where they
could get a solid piece Of land at
only fraction Of the price paid
Here is situation where Marion
County has received in CASH seven
times as much as some of the best
real estate men in the city said the
ground was worth. They received
1t because they had customer
that would nay such a price and
needed this particular place. The
company made the purchase in good
faith, paid cash, and is prevented
from utilizing the same.
indianapolis generally is losing
much more in delay of development
of this ground. 1t would seem fool
ish for citizens and business men
to put forth efforts to get any in
dustries to come here until they can
bring about conditions at least fair
and just to those that are already
here and to encourage those now
located here to increase their
facilities"