TRANSFER OF LAND.
Mistake In Issuing Licenses.
An Arrangement Endorsed By The Council.
The report of the City Property Committee, presented to the City Council last evening, needs some explanation. In 1863 (1865 ?) the Government leased considerable property at the foot of King Street to the city for twenty years. The Council, without looking up the proper leases, sold thirteen of these lots, and not until a year ago discovered the mistake. The ground known as Noble's wood yard was leased by the city in 1865, terminable, however, on three months' notice from the Government. This was the property the Montreal Transportation Company wanted for their ship yard. The Government, through the K. & P. R.R., gave the necessary notice, and on the 1st of May the grounds would have passed into their hands. The Company, however, desirous of seeing the Forwarding Company remain in the city, agreed to let them have the land for five years at a nominal rental of $1 per annum, provided the city would assign all rights in the water lots at the foot of King street, giving for such right the sum of $500. During the past 20 years about half an acre of land was made by the refuse from the city streets and from cellars. The city put three valuators to work and on separate occasions these gentlemen valued the property from $1,275 to $1,340. Considering that the made land was worth about half that amount the City Property Committee agreed to turn over their right for $750, with the proviso that the K. & P. R.R. Company quit claimed all rights to the property sold by the city in mistake. This the K. & P. R.R. agreed to do. Last evening the Council ratified the bargain. The city could have arbitrated on the matter, but it would have been an expensive proceeding. The K. & P. R.R. would gladly have arbitrated, as they undoubtedly would have secured the property for less than they will now pay for it. The Company, through Mr. B.W. Folger, last evening acknowledged the fairness in which the city had dealt with the Company, and for that reason agreed to pay the amount asked. The K. & P. R.R. Co. will have after May 1st the lease of the grounds for 99 years.