WINTER SHOW BUILDING AND GROUNDS

Dominion, Volume 20, Issue 229, 24 June 1927, Page 12

WINTER SHOW BUILDING AND GROUNDS

PROJECT DISCUSSED BY CITY COUNCIL •_ DRAFT OF EMPOWERING BILL CONSIDERED PROPOSALS “FINANCIALLY SOUND’ The Wellington Winter Show Association’s project for the erection of an adequate exhibition building, and the laying out of gtounds, was discussed at the last meeting c-f the City Council. The subject came before the council in the form of a draft of ' the proposed empowering Bill to be submitted for the approval of Parliament. At the last meeting of the City Council no fewer than five local Bills were dealt with. The Bill which gave rise to the longest debate was the one dealing with the Wellington City Exhibition Building and Grounds at John Street, otherwise known as the Wellington Show Association’s project for providing themselves with exhibition buildings and grounds for the future. The Proposals. The following is a summary of the more important proposals of public interest. The Bill proposes to suspend the provisions of the Town Belt vesting deed, so that the Council may permit the erection of buildings and construction of grounds on the exhibition site. All work is to be done by contract, with the approval' and under the seal of the council. No such contract to be entered into or approved unless the project is properly and completely, financed by the association, .its bankers 'to show that the credit of the association is sufficient to meet obligations as they arise. The association is to have the exclusive, use of buildings and grounds—'except -the pleasure ground—for allows, entertainments, etc., on 10.0 days in each year, as agreed, and on such other occasions as the council may permit. On other the council will have the exclusive right of use and occupation of buildings and grounds. Net profits derived by the council from the letting of the building and. grounds to be devoted to repayment of principal moneys until repaid. Provision is made to raise up to £50,000 by 8 per cent, debentures, the association to use not less than £5OOO of the funds to its credit in August last for the buildings, etc., aiithorised. Until borrowed money is repaid, all revenue is to be’ devoted to the payment of the ordinary expenses of the association, salaries of manager, "staff agent', wages, repairs and maintenance, interest, additional works, and in making sinking fund provision to meet loans at maturity, or by paying off debentures. If the revenue is insufficient for these purposes, the deficit is to be .'made up by the association. The control is vested in the council, with provision for the election of a representative committee, two councillors, the council having power to remove any member of the committee. . '■

After payment of principal, any profits derived by the council from letting shall, be expended on city reserves. 7.......-,r —‘ -.. f