450 



THE INDIA RUBBER WORLD 



[May 1, 1917. 



Financing an Industrial Village. 



WHENEVER the better housing of employes comes up for 

 discussion, the financing of such a project so as to enable 

 them to purchase their homes on a partial payment plan 

 is seen to be a problem of considerable importance. How this 

 may be done on a cooperative basis is well illustrated by Good- 

 year Heights. 



This development con- 

 near the plant of the 

 Rubber Co., Akron, Ohio, 

 and a 28-acre park and 

 athletic field affording 

 land and water recreation 

 facilities both summer 

 and winter. The tract is 

 being handsomely laid out 

 with streets, sidewalks, 

 small parks and play- 

 grounds, trees and shrubs, 

 and will eventually pro- 

 vide pleasant modern 

 homes for 10,000 persons. 

 On the 100 acres now de- 

 veloped 300 houses have 

 already been built and ar- 

 rangements have been 

 made for the erection of 

 500 more this year. Like 

 those previously con- 

 structed, about half of this 

 number will be built by 



By John Barnard, Architect. 



provide homes within the range of every purse. Every street, 



however, is restricted as to minimum cost of all houses upon it. 



The original cost of the land to the company and the various 



items of development are shown by the accompanying table : 



Cost of propel ty $30,000.00 



Excavating 100,000 yards 27,175.00 



Curb for brick pavement, 11,796. feet 3,538.00 



Gravel roads, .'6,078 ,sc|uare yards 16,235.00 



Sanitary sewer system 21,000.00 



Storm water system 8,000.00 



sists of 400 acres 

 Goodyear Tire & 

 including Blue Pond 



Main drain 



Bridge (concrete) 



Planting trees and shrubs 



Office .ind engineering expense, architects. 



Blue Pond drain 



Instruments 



A Picturesque Single House. 



8,510.74 

 9,729.66 

 2,500.00 

 21.000.00 

 2,932.00 



; 445. OT) 



Sidewalks, 265,531 feet 23,153.00 



Grading about houses, top soil and seeding 13.000.00 



Miscellaneous (.ditches, surveyors' monuments, etc.) 1,882.60 



Curbs and gutters for gravel roads, 35,958 feet 21,574.00 



Total cost $210,675.00 



Total number of lots averaging 50 x 110 — 125 feet 430 



Thus the total cost of each lot is nearly $500, but prices have 

 been set at $240 to $760, according to desirability of location. 

 The idea is to sell the property to employes at cost in so far 

 as that can be estimated, and the actual payments are according 

 to the accotnpanying tabulation. 



Two mortgages are placed upon the property. The first, for 

 about one-half the value, is carried by a large hfe insurance com- 

 pany, while the second, covering the balance of the purchase price, 

 is carried by the Goodyear company. The seini-monthly pay- 

 ments specified are sufficient to pay off the second mortgage in 

 12 years and the first mortgage in 3 years more, the rate of in- 

 terest being fixed at 6 per cent. Larger payments may be made 

 or the full cash price paid if desired to save the interest. A semi- 

 monthly assessment is made to provide for taxes as they come 



Cost $1,984.00 



Real Kstate ^'alue. 



Semi-Monthly Payments 



First 5 years 



Next 7 years 



Last 3 years 



!,480.00 



11.27 

 7.31 

 3.86 



$2,682.00 

 3,352.50 



15.25 

 9.86 

 5.19 



$2,288.00 

 2,860.00 



13.01 



8.45 

 4.44 



$2,699.00 

 3,373.75 



15.34 

 9.88 

 5.22 



$2,801.00 

 3,501.25 



15.92 



10.24 



5.43 



$2,808.00 

 3,510.00 



15.97 



10.26 



5.43 



$2,845.00 

 3,556.25 



16.16 



10.47 



5.53 



$2,896.00 

 3,620.00 



16.54 



10.67 



5.22 



$2,998.00 

 3,747.50 



17.06 



11.03 



5.75 



1 5 years 



contract for the company and sold to employes, and the remainder 

 at the request of employes according to their own plans, subject 

 to the approval of an architectural board, general architectural 

 harmony being desirable and certain restrictions necessary to the 

 common good of the community. Both plans have their advan- 

 tages, but the former is obviously cheaper because of distinct ad- 

 vantages in quantity buying and distribution of materials. The 

 architects, Mann & McNeille, have developed English cottage 

 types of harmony and individuality, yet varying considerably in 

 size, arrangement and constructive materials, the idea being to 



due, but for its own protection the companj' carries all. fire and 

 tornado insurance until the full purchase price has been paid. 

 In addition, arrangements have been inade for groups of 100 em- 

 ployes who so desire to take out life insurance on a diminishing 

 scale which will assure the home to dependent families in the 

 event of the employe's death. This increases the semi-monthly 

 mortgage payments very little, the amounts ranging from 30 cents 

 at the age of 21 for each $1,000 to 95 cents at the age of 55. 



To prevent speculation, the payments for the first five years 

 are based not upon the cost, but upon the real estate value, which 



is 25 per cent higher. At 



^-^^--fe^j^'-i 



the end of five vears, how- 



Two-F.\MiLY Semi-det.\ched ..\nd Single House Types at Goodye-\r Heights. 



ever, if the worker is still 

 with the company and has 

 kept up his payments, the 

 difference between the two 

 values, together with the in- 

 terest thereon, is canceled 

 and credited to him, his 

 payments thereafter being 

 on the basis of the cost 

 price. 



[This is the third of a 

 series of articles devoted to 

 the better housing of em- 

 ployes. — Editor.] 



