Council To Buy Taranaki Jockey Club’s Racecourse

Press, Volume XCVIII, Issue 28930, 25 June 1959, Page 12

Council To Buy Taranaki Jockey Club’s Racecourse

(New Zealand Press Association)

NEW PLYMOUTH, June -24. In spite of opposition from two councillors, the New Plymouth City Council tonight confirmed a deed under which it will buy 56J acres of land belonging to the Taranaki Jockey Club The land is used by the club as a racecourse in conjunction with 36 acres of city council reserve which adjoins the area. The club will retain perpetual rights to use the racecourse for racing; but, before the agreement becomes effective, a validating bill has to be passed. It is intended to submit this to the

coming session of Parliament. The council is to pay the club initially £22,000. £16,000 of which will be discharged by taking up the club’s overdraft liability The balance of £6OOO will be a cash payment. The unimproved value of the club’s land is £48,000. In addition to the purchase price, the council will, in effect, make the club further payments over a period of 20 years (at the time of the “date of settlement”) by absolving the club of liability for rates on its property after March 31, 1959. The rates, according to statements made by Councillors tonight, are £l5OO a a year.