TNAG-0564-FCO40-659-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 67

CONFIDENTIAL

機密

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(a)

(b)

(c)

(d)

3

XCC(75)45

the grant of comprehensive development rights on land affected by railway installations will be discretionary (paragraph 1);

the conditions of lease will be formulated in accordance with normal planning principles (paragraph 2);

valuations for premium will be generally based on the revenue lost to Government by reason of granting the land, or interests in it, to the Corporation or the cost to Government of making the site, or these interests, available to the Corporation, whichever is the higher (paragraph 3); and

valuations will be made as at the date of the grant (Note 2).

In other respects the grants will be subject to normal principles, and the facility of paying premia by instalments at the appropriate rate of interest will also be made available to the Cor- poration. It may also be found desirable that the whole or part of the premia, for one or two of the sites, should be paid in the form of equity in the Mass Transit Railway Corporation.

8

In the early stages it may be necessary to grant all land to be used by the railway on short term tenancies pending the pre- paration of detailed conditions of grant.

Applications for specific sites

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The Mass Transit Railway Provisional Authority has now applied formally for the grant to the future Mass Transit Railway Corporation of the four sites identified in Annex A for comprehensive development, Details of the sites, and the proposed basic conditions of grant for three of them, are set out in the paragraphs below.

Pedder/Chater

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The Pedder/Chater Station site is shown on the plan at Annex C. On this site the present General Post Office building is presently located. It will be released when the new General Post Office building on the Connaught Road waterfront is completed. The Mass Transit Railway Corporation will require both the subsoil rights and the

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CONFIDENTIAL

機密