JERMYN STREET OUTLET

New Zealand Herald, Volume LII, Issue 15947, 18 June 1915, Page 9

JERMYN STREET OUTLET

AMENDED SCHEME.

SUM OF £8640 SAVED.

CITY COUNCIL'S APPROVAL. The Jermyn Street outlet scheme, as amended by the Mayor, Mr. J. H. Gunson, was confirmed and adopted last night by the City Council. Mr. Gunson submitted a report on the matteu reviewing the position, which he further explained by means of plans. The report stated that, in accordance with the council's authority, negotiations had been concluded for the purchase of the two properties, upon which a report, was presented at the last council meet- j ing. The Harbour Board had confirmed the sale of the whole of its interest ivf Glenalvon, freehold and leasehold, for £12,620, and Mr. Russell's agreement to sell his property adjoining had also been confirmed. The relative position in regard to this improvement and the original scheme was as follows :— Old proposal, with wall.—: Cost of wall and steps, £4500; compensation claim, £2000; total debit, £6500. Amended proposal, adopted bv council. -Credit: Buildings (2) £750; land, 320 ft, at £80, £25,600; 186 ft bv 93ft, at £20, £1860; 120 ft, at £20, £2400; total credit, £30,610. Debit: Auckland Harbour Board for Glenalvon, £12,620; lessee of Glenalvon, £1150; E. Russell, £5000; other claims, £2200; cost of excavation, £5000; wall, if portion required, and Which may not bo needed, £2500; total debit £28,470; leaving a total credit of £2140. Therefore by adding the credit balance under the amended scheme to the debit balance under the original scheme the net gain to tho council was carefully estimated to be £8640. Furthermore tho council's valuers reported that there was no doubt that the now arrangement would add to the value of the whole street, as ft would make the main approach to the newoutlet very much better and more valuable. In conclusion the Mayor said he had carried out all tho necessary negotiations, as authorised by the council, and the scheme was now complete. The report was adopted, thus making the way clear for the amended scheme to be put into operation.