Wikipedia:WikiProject Trains/ICC valuations/Grand Rapids Terminal Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

Grand Rapids Terminal Railroad

Location and General Description of Property

The railroad of Grand Rapids Terminal Railroad Company, herein called the Grand Rapids Terminal, which is leased to and operated by the Detroit, Grand Haven and Milwaukee, is a single-track, standard-gauge, steam railroad, 1.503 miles in length, situated entirely within the city of Grand Rapids, Mich.

Introductory

The Grand Rapids Terminal is a corporation of the State of Michigan, having its principal office at Detroit, Mich.

It is controlled by the carrier, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of the Grand Rapids Terminal has always been operated under lease by the Detroit, Grand Haven and Milwaukee, with whose tracks it connects at Grand Rapids, Mich.

Corporate History

The Grand Rapids Terminal was incorporated August 13, 1904, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad between certain points in Grand Rapids, Mich., that would afford terminal facilities for the Detroit, Grand Haven and Milwaukee.

Development of Fixed Physical Property

The owned mileage, 1.503 miles, was acquired by construction, which was completed in 1906.

Leased Railway Property

The entire property of the Grand Rapids Terminal is leased to the Detroit, Grand Haven and Milwaukee under agreement dated October 27, 1908, for a period of 10 years at an annual rental equal to 4 per cent per annum on the cost of the property, which in turn is payable to the carrier as interest on advances. Owing to the carrier guaranteeing to reimburse the Detroit, Grand Haven and Milwaukee for any deficits from operation, it has not collected any rental, except for the period January 1, 1916, to date of valuation, when $ 36,779.12 was accrued and paid. The lessee maintains the property and pays all taxes and assessments.