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STEINWAY TUNNEL LIXE
SUBDIVISION 1.- A two-track underground railroad beginning at 42d street and Broadway in the borough of Manhattan and thence extending easterly under 42d street to the East river; thence continuing easterly under the East river to a point in the borough of Queens near the intersection of Fifth street produced with the bulkhead line; thence continuing easterly under the freight yards of the Long Island Railroad and private property to a point under Fourth street near West avenue; thence continuing easterly under Fourth street to a point therein near Van Alst avenue where a connection can conveniently be made with subdivision II, hereinafter described; provided, however, tliat a portion of the existing railroads in 42d street between Sixth avenue and Broadway may be utilized (Steinway TunnelTimes Square extension; Steinway Tunnel route).
SUBDIVISION II.- A two-track underground railroad beginning at a point in Fourth street near Van Alst avenue at the easterly end of subdivision I, above described and thence curving northeasterly under Fourth street and private property to Van Alst avenue; thence continuing northeasterly across Van Alst avenue, through private property and under Hunters Point avenue to a point in the freight yard of the Long Island Railroad Company; thence continuing northeasterly through said yard to a point therein where the road becomes an elevated railroad; thence continuing northeasterly as two-track elevated railroad over said yard to Davis street; thence continuing northwesterly over and along Davis street to Ely avenue; thence continuing northeasterly over and along Ely avenue to a point therein near Henry street; thence curving northeasterly over Ely avenue and private property to the Queensboro bridge approach; and thence continuing easterly over and along the Queensboro bridge approach and the Queensboro bridge plaza to at or about the Queensboro bridge plaza and Jackson avenue where a connection can conveniently be made with subdivision III and subdivision IV, hereinafter described (Steinway Tunnel and Queensboro Plaza route).
SUBDIVISION III.— A two and three track elevated railroad beginning at or about the Queensboro bridge plaza and Jackson avenue at the easterly end of subdivision II, above described, where a connection can conveniently be made with subdivision I of the Broadway-Fourth Avenue line as described in the contract between the City and the New York Municipal Railway Corporation, and thence curving southeasterly over the Queensboro bridge plaza and crossing over Jackson avenue to the Queens boulevard; thence continuing southeasterly and easterly over and along the Queens boulevard to a point at or near Gosman avenue; thence curving northeasterly over Queens boulevard to Greenpoint avenue; thence continuing northeasterly over and along Greenpoint avenue to Skillman avenue; and thence continuing over and along Skillman avenue to a point at or near Fifth street where a connection can conveniently be made with subdivision V, hereinafter described (59th Street, Woodside and Astoria route, section 36-A).
SUBDIVISION IV.-A two and three-track elevated railroad beginning at or about the Queensboro bridge plaza and Jackson avenue at the easterly end of subdivision II, above described, where a connection can conveniently be made with subdivision I of the Broadway-Fourth Avenue line as described in a contract between the City and the New York Municipal Railway Corporation, and thence curving northeasterly over the Queensboro bridge plaza to a point in Jackson avenue at or near Skillman place; thence continuing northeasterly over and along Jackson avenue to Second (formerly Debevoise) avenue; and thence continuing northerly over and along Second avenue to Ditmars avenue (59th Street, Wooside and Astoria route, section 36-B).
SUBDIVISION V.- A two and three track elevated railroad beginning at a point in Skillman avenue at or near Fifth street at the easterly end of subdivision III, above described and thence extending in a general easterly direction over Skillman avenue and Woodside avenue to Roosevelt avenue as the same is laid down on the map or plan of the city of New York, and thence continuing easterly over and along Roosevelt avenue as laid down upon said map or plan to Sycamore avenue (Roosevelt Avenue route).
WHITE PLAINS ROAD LINE
A two and three track elevated railroad beginning at a point in Boston road in the borough of The Bronx about halfway between East 178th street and East 179th street where a connection can conveniently be made with the existing railroads constructed under Contract No. 1, and thence extending over Boston road, private property, East 179th street, Bronx street, private property, the Bronx river, private property, Devoe avenue, East 179th street and private property to a point in private property in the block bounded by Devoe avenue, Lebanon street, Bronx Park avenue and East 179th street; thence continuing northeasterly over private property, Lebanon street and private property to a point in Bronx Park avenue between Lebanon street and East 180th street; thence curving northeasterly over Bronx Park avenue and private property to a point in East 180th street between Bronx Park avenue and Morris Park avenue; thence continuing still northeasterly over East 180th street, private property, Adams street, private property, Bronx Park avenue and private property to a point in private property north of Bronx Park avenue between Bronx park and the tracks of the New York, Westchester and Boston Railway; thence continuing northerly over private property between Bronx park and the tracks of the New York, Westchester and Boston Railway to Unionport road; thence continuing northerly over Unionport road and private property to Birchall avenue; thence continuing northerly over and along Birchall avenue to White Plains road; and thence continuing northerly over and along White Plains road to its intersection with East 241st street or Becker avenue (Boston Road and White Plains Road connection; West Farms Road and White Plains Road route).
Though all the above routes are to be constructed and owned by the city, the Company agreed to contribute one half of the cost of construction of the new lines. It was estimated that the new lines would cost about $116,000,000, exclusive of equipment, of which the Interborough is to contribute $58,000,000, $3,000,000 being allowed to it for the Steinway tunnel already constructed, and to be ceded to the city. In addition, the Company is to equip the new lines at its own expense, the cost of the equipment being estimated at about $22,000,000, so that the Company's contribution for the construction and equipping of the new lines is to aggregate $80,000,000.
The agreement provides that the earnings of the old and the new lines operated by the Interborough and owned by the City should be pooled, and distributed in the following manner:
1. To the City the rentals required to be paid under Contracts Nos. 1 and 2, namely, interest on the bonds issued for the existing subway, and one per cent into a sinking fund for the redemption of such bonds. Such rentals to continue through the life of the new contract, also such rentals actually payable by the Company for the use of other property in connection with the system as are not included in operating expenses.
2. Taxes and governmental charges of every description in connection with the system, including such assessments for benefits as are ·not properly chargeable to costs of construction or cost of equipment.
3. All expenses exclusive of maintenance actually and necessarily incurred in the operation of the system.
4. Twelve per cent of the gross revenue for maintenance, exclusive of depreciation. Maintenance is to include repair and replacement of tracks, and parts of construction and equipment units, but not the principal parts of the structure and equipment.
5. For the first year of operation an amount equal to five per cent of the gross revenue for depreciation of such portions as are not retired or replaced through expenditure for maintenance; thereafter as determined.
6. $6,335,000 to be retained by the Company as representing the annual average income from the operation of the existing railroads."
7. An amount equal to six per cent of the Company's contribution toward the cost of construction and equipment for initial operation (such contribution not to exceed $80,000,000). Out of this payment the company must set aside amounts sufficient with interest and accretion to amortize its contribution within the terms of the lease.
8. If additional equipment is provided the Company is to retain an amount equal to the annual interest on the cost of such equipment together with one per cent on the cost of the equipment to be paid into a sinking fund to be invested for the amortization of the same.
9. If the Company shall share in the cost of construction of later additions to the system, the Company is to retain an amount equal to the annual interest upon such cost plus one per cent for amortization,
10. The City is to be paid 8.76 per cent on its contribution towards the cost of its construction of the new lines.
11. In the event of construction of additional lines, the city is to receive the annual interest on the cost of such new lines plus one per cent for amortization.
12. One per cent of the gross revenue is to be paid into a separate fund under the control of a depreciation board, to be invested and re-invested to provide for a contingent reserve fund. The contingent reserve fund is to be accumulated until it reaches one per cent of the cost of construction and equipment, and it is to be maintained at that level. This fund is to be used to meet deficit in operation and for other purposes.
13. The amount remaining after the foregoing deductions is to be divided equally between the City and the Company.
The Company is to operate the new lines in connection with the existing subway as one system for a single five-cent fare. The lease under Contract No. 1, which expires October 27, 1954, with the privilege of renewal for 25 years, and the lease under Contract No. 2, which expires May 1, 1943, with a like privilege, are modified and extended until December 31, 1965, so that all leases may expire together. It is provided, however, that the lease of the new line under Contract No. 3, may be terminated by the city at any time after 10 years from commencement of operation thereunder, and in that event the Company is to receive a percentage of its contribution for the cost of the construction of such lines, together with the cost of equipment as set forth in a schedule beginning with 115 per cent of its contribution to be paid after 10 years, and decreasing by one-thirty-ninth of such percentage for every year that the contract is in force after 10 years from the beginning of operation. If the lease continues to the end of its term, December 31, 1965, then the City is to take over the road and equipment of the entire system free of cost. The Company is required to equip and operate portions of the new line when the Commission shall declare them ready for operation. Provision is made for the temporary equipment and operation of the Steinway tunnel, pending its reconstruction and completion, and for the giving of free transfers at 42d street and Park avenue between the Steinway tunnel and the Subway. The Company agrees to equip and operate ex: tensions which may hereafter be constructed as component parts of the system, if such extensions are accepted by it, and if not accepted, then it agrees to operate such extensions on the following terms:
From the gross receipts of the extensions the following deductions are to be made.
1. All expenses of administration, maintenance and operation, including taxes.
2. An amount to be retained by the Company equal to the annual interest payable on the cost of the additional equipment used on the extension, plus one per cent for amortization,
3. A similar amount to be paid to the City upon the cost of construction of the extensions.
4. A similar amount to be paid to the City upon the cost of construction of additions to the extensions.
The agreement provides that if the revenue from the extensions shall be insufficient to pay these charges, the Company may deduct such deficit from the revenues from the entire system prior to the payment to the City. If the revenue from the entire system is not sufficient 10 meet the deficit, the lease of the extension may cease, or the Company may continue its operation and the deficits shall be cumulative. In case the revenue of the extension meets all the charges then it is to become a part of the original system and to be operated as such.
In case of the termination of the lease for the new lines prior to the expiration thereof, the Company agrees to a modification of Contracts Nos. 1 and 2 for the exchange of legs of the present subway, so as to enable the City to take over a complete east side line or a complete west side line without taking over the entire system. This may be effected by the City taking the portion of the existing subway extending from 42d street and Broadway in Manhattan to Atlantic avenue Brooklyn, leased under Contracts Nos. 1 and 2, and substituting in its place the Seventh avenue branch leased under Contract No. 3, or by the City taking the portion of the existing subway-elevated road from 42d street and Broadway in Manhattan to the Bronx, leased under Contract No. 1, and substituting in its place the Lexington avenue branch, leased under Contract No. 3.
The City reserves trackage rights for the New York Municipal Railway Corporation (the Company with which a contract was executed on the same day for the operation of other lines of the dual system located principally in Brooklyn) on the portions of the Steinway Tunnel line covered by subdivisions 3, 4, 5, and of extensions thereof. Trackage rights are also reserved to the Interborough Rapid Transit Company as lessee of the Manhattan Railway Company to the portion of the Lexington Avenue branch covered by subdivision 2, to the White Plains Road line and to