Minutes 1955 - Laserfiche WebLink

Browse Search

would be turned in within the next 12 months. There are only 11 other such play- grounds in the United States. REPORT ON BID OPENING, LEASE OF PORTION OF STUFLSAFT PARK FOR MINING OPERATIONS. City Attorney stated that the following bids were received: Hall B. Piggott and Richard L. Dinely: will pay a royalty of 12% of all net profits received over the sum of 025,000.O0 and 50% of all net profits received in excess of §50,000.00. In making computations of net profits, there must first be decucted from the gross proceeds the cost of mining, hauling, processing and an other reasonable expense g Y pe se properly chargeable against said operation including the cost of inspection as is to be provided for in the lease. Southern Engineering Corporation bid with the following terms: 1. No cash bonus is offered. 2. Twenty percent of all mercury recovered, before expenses are deducted. 3. For financial responsibility, we refer you to the Farmers National Bank, Los Angeles. For business references, to the Los Angeles Chamber of Commerce. L.. At such time as the Council will clarify and make specific the exact require- meats to be covered by a performance bond, such bond will be given. 5. The site to be returned to a condition useable for park purposes but inasmuch as the present slopes are as much as 60 degrees a "level" condition would be impracticable, unless this term is intended to mean benching or terracing. 6. All other conditions as outlined in the "Invitation to Bid" will be complied with in full, 1 Indian Monument Uranium Mining Corporation bid on the following basis: Fifteen per cent gross royalty on all ore which has a mercury content of ten pounds or less per ton and twenty -five per cent gross royalty on all ore having a mercury content of more than ten pounds per ton. In the alternative, a ten per cent gross rayalty on all ores mined and a fifty - fifty division of the net profits after the deduction of the ten per cent gross royalty, the cost of installation of the furnace and all operating expenses. Homes by Sterling, Oddstad Homes, offer to lease from the City such land as is deter- mined by A. F. Oddstad, Jr., to contain cinnabar in ouantities which will be econ- omically feasible to process. Such lease shall give the Lessee, A. F. Oddstad, Jr., full right to explore, develop, excavate and remove ores, process ores, and market mercury extracted from ore. At the conclusion of the mining operation, the above lease shall be concelled. As payment for the leasing of the above property, A. F. Oddstad, Jr., shall give to the City of Redwood City 50% of the profit derived from the sale of mercury extracted from the ore on the land owned by the City. Profits shall be determined by deducting the cost of the exploration, development, mining, processing and marketing, as indicated above, which cost shall be $27.00 per ton of ore handled, which in my opinion will show a profit after the expense, as indicated above, has been deducted from the sale price. If, in the opinion of the undersigned, the cinnabar on property being developed by Oddstad Homes and property owned by the City is determined to be of sufficient