March 26, 1924 (14th Parliament, 3rd Session)

LIB

Hon. Mr. GRAHAM: (Minister of Railways and Canals)

Liberal

1. At date of expropriation, February 23,1923, the following annual rentals were in
force:
Grand Trunk Railway Co.-
Ground floor $32,500
First floor 1,090

Other tenants

Ground floor 22,200
Other floors 20,782

As leases have fallen in the entire building has been gradually taken over for railway purposes. For this accommodation the Canadian National Railways are being charged the following rentals:
Entire ground floor and basement.. $54,215 Upper floors 41,931

In purchasing property Imperial Bank had been obliged to take over certain improvident leases on the upper floors on which they estimated their loss to be $20,000 per year. The rental charged the railway for the upper floors is computed at $3.00 per square foot per annum, which is the same rental as the railway has been paying for premises elsewhere.
2. So far as the department is aware there has been no change in assessment and the taxes payable in 1923 were $18,000.
3. On expiration of lease former owners increased Grand Trunk rental by $5,000 in December, 1922, for privilege of remaining another year. Grand Trunk rentals prior to increase $28,500; subsequent to increase $33,500.

Topic:   QUESTIONS.
Subtopic:   CANADIAN NATIONAL RAILWAYS -TORONTO BUILDING
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