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THE FIFTH AVENUE ASSOCIATION, Inc.
Empire State Building
New York, N. Y.

November 1931

SUPPLEMENT TO BULLETIN NO. 65

Association Urges Reduction in Budget

Your Association, believing that any feasible plan which will afford substantial relief to the harassed property owner, now so overburdened with taxes during the present period of great economic stress, is worthy of the most serious consideration and should if possible be approved and made effective, has adopted the following resolutions by the unanimous action of its Board of Directors and presented them to the Board of Estimate and Apportionment at the budget hearing held on October 23rd:

WHEREAS The Tentative property assessments for 1932 in the Fifth Avenue Section are, except in a few rare instances, either the same as or slightly in excess of those for 1931, despite the fact that many property owners in this section have met their realty taxes this year only at a considerable sacrifice, and in some cases at an actual loss, because of the present economic conditions which have resulted generally in lower rents and increased vacancies, and 

WHEREAS Private business and industry are finding it absolutely essential to follow a policy of strict economy in their operation in order to continue in existence, now therefore be it

RESOLVED That it is absolutely necessary, in view of these circumstances, that every possible economy be effected in the conduct of the City government, without in any way hampering its proper functioning, to the end that the 1932 budget and tax rate will be lower than those prevailing in 1931, and be it further

RESOLVED That the Board of Directors of The Fifth Avenue Association recommends that the Board of Estimate and Apportionment assure substantial and definite relief to the taxpayers of the City by approving the proposal of Comptroller Charles W. Berry calling for the conversion of two $52,000,000 issues of four-year subway financing bonds, maturing December 15, 1933 and October 1, 1934, respectively, and held by the Sinking Fund Commission, into fifty-year obligations so that approximately $25,000,000 in amortization requirements may be stricken from the 1932 and also from the 1933 budget appropriations, and be it further 

RESOLVED That the Board hereby authorizes the President of the Association, or his designated representatives, to appear at the public hearings on the 1932 budget in behalf of the Association and to make such other objections or suggestions as he or they may deem advisable in connection therewith.

Wm. J Pedrick H
Wm. J. Pedrick
President