Port Newark Terminal

Cover Port Newark Terminal
Port Newark Terminal
James M From Old Catalog Reilly
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Sherrerd, assisted by James C. Hallock, under the direction of the Board of Street and Water Commissioners, which body is now engaged in formulating definite arrangements under which leaseholds can be effected.
Leases for Land They have under consideration at the pres- ent time the appointment of a Harbor Super- visor, who will have complete charge of the rental of sites. The i^asis on which privileges will be granted to occupants will include leases running for a term of twenty-five or more ye
...ars. It is estimated that the rental value will scale from five hundred to seven hundred and fifty dollars per acre, according to loca- tion; all leases to be subject to a sliding scale of increase at periods of readjustment, possi- bly each five years ; the increase not to exceed Fifty Dollars per acre, according to the in- creased value of the increment. A condition of the lease will provide that all improvements on property may be purchased by the City, at its option, at an appraised value, on the termi- nation of the lease, and that all abandoned improvements will revert to the City.

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