i that not only will we have to carry the Sio, 600,000 burden, but the taxable basis will 

 reduced to that extent; such, however, is not the case. When these buildings are 

 removed it must tend greatly to enhance the value of others that remain, which will be 

 reflected by higher assessed valuations for taxable purposes. I will mention a fact to bear 

 me out in this, that on a small street that we widened there is a certain piece which had 

 hung nre in the market for many years. I think it was in the neighborhood of eighty feet 

 deep, with a building upon it. Since the fire we took twenty feet from its depth to widen 

 the street, leaving only a sixty-foot lot without a building, the one that was there having 

 been burned with the rest, and an offer of double the price previously asked with the building 

 on it has been refused. The enhancement in the value of all the property as a general 

 thing m the burnt district has been something marvelous, owing to the improvements we 

 have so far made. By the acquirement of what is known here as the Dock property, which 

 consisted of a lot of old obsolete docks and piers that were originally intended for the craft 

 of fifty years ago, the City will be enabled to construct modern piers and docks capable of 

 taking care of large vessels and enabling them to deliver their goods in the very heart of 

 the City. This property has been used to a great extent in recent years for storage pur- 

 poses, and the water was of no value. Xow it will be put to the greatest utility under 

 municipal ownership. Already applications for leases of this space exceed the amount avail- 

 able certainly fivefold. There is no question that public improvements of this character in 

 any city must in time not only repay for any reasonable outlay, but as years go on, the 

 greater taxable basis eventually decreases the amount of levy annually necessary. Judging 

 from the results obtained here, and as you know we have not as yet had a year in which 

 to see them, I would say that any city that loses or lets pass an opportunity for great pub- 

 lic improvement takes a step backward in the path of progress. 



Very truly yours, (Signed) SHERLOCK SWANN, Chairman." 



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