03/15/1932 Board of Public Works Minutes

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Tuesday, 10arch 15th. , 1932. Would you kindly advise me if, in view of these facts, Provision #4 would be applicable_? Respectfully, Y. Edward Dor an , President Board of Public Works. March 10t h . , 1932. 1"r. =chaff, c/o hew York Central Railroad, "Cleve is nd, Ohio . D ea. r S.ir Kind ly be advised. that the period for remonstrance aga inst the city' s determination to issue bond for the elevation project has now pass and that we are now in a position to obtain the funds necessary -b pay _tbr the City's portion on this project. In your letter of M,,,,rch 3rd, you stated that the grade separation project at South Be& was not in a different category that other projects that you had under way where the public authorities agreed to the postponement. I again ,r.ish to call your attention to the fact that in October last year when the railroads risked for an extension of time it was predicated. on the sole proposition of increased cost of winter construction and your ylr. rote advised us that the appropriation. for this under- taking, had been made and there was no thing to pr event going forward with the work as of Mprch,�lst , 1932. Relying upon these representations, the city expended approx- i=. tely $;186,000.00 after that date in acquiting a new right of way for Walnut Street and fourteen feet additional width Do+r Western Avenue. As you know, there was a jog in Talnut Street at this point and tTe acquired a new right of way Ito bring the street directly under the elevation. Not only that, but we vacated the Ir event South approach of 1t'alnut Street and at the present time the abutting property owners are threatening to make us cease using this vacated portion of the street. At our last con.ference, which you and Mr. Murray attended, both of you stated that we were in an entirely d if fere nt c ategor.7 that other elevation projects and. the only reason that you were asking for a postponement was because 'of .your inability to finance the project. I have been advised by the Interstate Commerce Commission that you have not made applica- tion to them for permission to borrow from the Reconstruction Finance Corporation, and from my .examination of the regulations of this body, there is nothing to prevent us from applying for a loan. In a telephone conversation with your PIr. Murray, he stated that .1t was .hie and erstanding that loans could only be made for construction purposes where the actual work was under way as of January 22nd, 1932. I find. upon investiprtion, that the only restriction on your right to borrow from the Reconstruct- ion Finance Corporation is upon projects that were not initiated prior to the afore- maiti oned date. In the present case, as you kncv, , contracts have been s igned, the Grand Trunk has let the6ra co retract, and you have advised us that all of the steel was or(?ered, so surely there Ee no question but what this is an initiated project, Will you promptly advise me if it is the intention of your road to seek a loan from the Reconstruction Finance Corporation, and I believe this step should be taken by you to show your good faith with the City. Respectfully, r`. Edgard Doran, President Board of Public Works. Meeting adjourned at 12 O'clock noon. Attested: /w_, Clerk • • • • • 0 0