CO129-549-9 Air Ministry- transfer of land for Officer's Mess at Kai Tak 6-6-1934 - 29-12-1934 — Page 26

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adoption of certain general conditions by which the transfer

of any land in this Colony to or from the Air Ministry

should be regulated.

7.

It is proposed that when, by mutual agree-

ment between the Colonial Government and the Air Ministry,

any land is to be transferred from the former to the latter

payment in respect of such land should be as follows:-

The Colonial Government shall receive in the

Air Ministry Lands Account a credit in respect of capitaliz- ed Crown Rent (twentyfive years purchase) together with a

credit of the market value (upset price) of the land at the

time of the transfer minus any sums which have been expended

by the Colonial Government in forming or resuming the land,

which sums should be refunded to the Colonial Government in

cash. Should the area or any portion thereof cease to be

required by the Air Ministry and be returned to the Colonial

Government the Air Ministry would receive back in cash the

appropriate portion of its cash outlay and in credit the

appropriate portion of the book debit in respect of the

original market value of the land. If such re-transfer

should take place within twentyfive years from the date of

transfer the Air Ministry would also be entitled to be

credited in the new account with a proportionate part of

the sum debited in respect of capitalized Crown Rent.

8.

On these lines the terms of transfer of

the Officers' Mess Site would be as follows:-

Revised Area - 132,047 square feet.

acre

Capitalized Crown Rent at $500 per

$37,892.00

19,807.05

726.00

Current value at 15 cents per square foot

Cost of Resumptions for road

The credit in respect of current value after deducting

cash payment of $726 would be $19,081.05. The total credit