NEW ASSETS

Waikato Times, Volume 127, Issue 21198, 22 August 1940, Page 6

NEW ASSETS

GARDEN PLACE REVENUE TO LOAN ACCOUNT LEGISLATIVE AUTHORITY BENEFICIAL USE OF SPOIL (By Telegraph.—Special to Ttmo> WELLINGTON, Wednesday Authority for proceeds from the sale or lease of various sections at Garden Place to be credited to the Garden Place Loan Account is contained in a clause in the Local Legislation Bill, which was introduced in the House of Representatives today. An explanatory memorandum states that spoil from the Garden Place hill was largely used to fill in and improve sections vested in the Hamilton Boivugh Council which had previously been unsaleable and unlettable, and were more liability than asset. Included in the lands levelled was a piece of closed street formerly part of Garden Place. Addition To Area “This was of ilttle value before it was levelled, but is now of considerable value,” the memorandum states. “The Hamilton Borough Council is proposing to add to the area by diverting the street formerly known as Garden Place. When this is done the cost of levelling this closed street and the street adjacent thereto will be approximately the same as the value of the area available for sale or lease. Thus an asset has been created out of loan money, and it is proposed that any moneys received from sale or lease of the land should go to the Loan Account. “On the lands taken under the Empowering Act were certain dwellings and other buildings. These were removed to lands vested in the Corporation, which were improved by the spoil removed. Thus these buildings were acquired, removed, re-erected and renovated out of loan moneys. On the lands rendered available by being filled in out of loan moneys, it is proposed that rents received from these lands and buildings should be credited to the Loan Account. Benefit To Borough “The borough as a whole has greatly benefited by the expenditure of the loan moneys. New streets have been laid out and a large parking area made, and a number of gullies on borough lands has been filled in, making available to the borough as a whole a large number of sites which can now be let for revenue purposes. “It is not proposed that any of the revenue from the sections filled in shall go to the Loan Account, except where buildings removed from the lands adjacent to Garden Place have been erected thereon.”