CITY MARKET LEASES.

New Zealand Herald, Volume LXVII, Issue 20601, 27 June 1930, Page 14

CITY MARKET LEASES.

SURRENDER PROPOSAL. ANTICIPATING EXPIRY* After an exhaustive inquiry the finance and markets and stores committees of the City Council jointly reported to the council last evening regarding the renewal of leases in No. 2 building, City Markets, and made the following recommendations: That the joint committee be authorised to negotiate with the present lessees as to the terms on which they are prepared to surrender their existing leases, and subject to completion of a satisfactory arrangement with them, the new leases be offorod for salo by public tender at upset rentals and for periods as follows:—(a) From date of surrender until date present leases would have expired, viz., 1939, at rentals fixed at 10 per cent, increase on the rentals at present being paid; (b) for the next 10 years following, at 25 per cent, increase; (c) for a further 11 years at rentals at not less than 10 per cent, of the then capital value of the land and buildings, with the usual provision for arbitration, full rates to bo paid for the full term of the leases. Tlio report embodied an opinion by the city solicitor that the council had no power to extend the present leases beyond their original term of 21 years, or to grant leases at the present time to commence in 1939. On a division the recommendation of tho committeo was adopted.