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Show Page two The National Enterprise, August 17, 1977 Fashion Fabrics caught fashion slump , imports RDA byFashion were said Fabrics, Inc., She has reported net losses for the past year and has acquired 400,000 acres of hardwood timberland in Colombia, South America. For the year ending April 30, 1977, the company had a net loss of $1,287,000 on sales of $23,021,000. Corporation Secretary Jackie Wise explained the fashion market in general did poorly last year. people importing more cheap, readymade clothes and werent spending as much on fabrics because they were leery of the countrys economic stability. Wise also said no new fashion trends were apparent, for which fabrics could be bought. The timberland acquisition was accomplished through the purchase of International Raw Materials, S.A., from Interholdings Corporation, S.A. The purchase price was $12 million, to be paid in a combination of cash, short-ternotes and stock. Fashion Fabrics also assumed a $3 million liability of Internationals. m Wise newly-purchase- tfhe greatf war on... d explained land the was very dense with trees and looks Like a rainforest. She said the purchase is expected to be quite profitable eventually because of the rapid growth rate of the trees. The current International management will continue the timber operation. Fashion Fabrics sells fabrics, yarn and other materials for home sewing in stores across nine western states. common, office furniture is over. Now you dont have to put up with furniture that looks just like everyone elses. You can have your own original designs created especially for you run-of-the-m- ill argues, What is blight? over what blight, and Arguments constitutes whether the taking of private property for use by other private businesses is constitutional, highlighted City R- edevelopment Agency hearings last week on the posed Crossroads pro- Plaza in downtown Salt Lake City. Representatives of the three holdout landowners in the area of the proposed shopping-offic- e complex, who havent sold or leased their land to the developers, argued their properties could as not be classified blighted. They referred to the definition in the Neighborhood Development Act, which gives local redevelopment agencies the power to condemn property. The holdouts, Verner Zinik, Utah Woolen Mills, and Wasatch Meat Co., own seven parcels on the seven-acr- e proposed project site between South Temple and First South and West Temple and Main Street. The latter two are currently operating businesses there. Plaza developers are Sid Foulger, Jack Okland, and the Equitable Life Assurance Society. Most of the land is owned by the Church of Jesus Christ of Latter Day Saints which, as the Enterprise reported last week, has been buying up parcels on the block since at least 1974. Salt Lake Mayor Ted Wilson (the mayor and Salt Lakes four commis- city sioners are the redevelopment agency directors) urged the holdouts to negotiate with the developers and suggested a final decision on condemnation may be deferred beyond the Aug. 23 date when the city commissioners will again hear the issue. Blight? Redevelopment attorney Bill Oswald told the agency not every structure in an area need be blighted for an area to qualify as the law. blighted under president of Utah Woolen, commented his negotiations with Zions Securities Corp., the Church real estate man- agement corporation, has been hampered by the threat of condemnation. Robert S. Campbell, attorney for Zinik, said his client wished to develop the property himself. The Crossroads developers plans call for a three-levshopping mall topped by office building a which will house, among other tenants, the corporate offices of Commercial Securel 15-sto- ry ity Bank. This would provide 605,000 square feet of rentable retail area and 282,000 square feet of rentable office space. Two major el Mayor Wilson told the Enterprise last week that the land purchases by the LDS Church over the past few years, which removed several businesses from the bloclt, did not cause the blight. There was a path of blight in that block long before the church took over. Many of those buildings are structurally unsound and need to be condemned, son said. Spokespeople Wil- for locally. takes no more time than choosing your furniture from a catalog. And well show you how to put your ideas into quality construction, then we'll create it to your specifications. Vagabond plans resort hotel comparable size and with similar facilities if they were to move. Briant Stringham, Vagabond Motor Hotels, n Inc. plans to build a dollar resort hotel near the airport. California-base- d The company told the Enterprise it has been considering the project for several years and purchased nine acres along North Temple in 1976 as its original commitment to the concept. Plans currently call for a multi-millio- Choose leathers, velvet, rich upholstery in thousands of solids and patterns for covers. The final product will bean exacting piece of high quality office furniture that you designed personally. Why have an office that looks like everyone elses when for no more cost you can have one that is uniquely your two-stor- y Broad- way, are planned to front on Main Street. An eight-lev2,500 parking terrace would open onto West Temple. All those cars could potentially create another problem for proposed complex. The city commission at its Aug. 23 hearing will be presented with a report on the potential traffic flow impact of the plaza, combined with the hew arts center being built across the street on West Temple and other nearby developments. The proposed mall will cost approximately $60 million. The office structure is scheduled for completion in summer, 1979, and the retail area in early 1980. Wasatch and Utah Woolen said they needed properties of It department stores, including the brick structure housing 160 rooms and several restaurants, lounges and recreational amenities, cluding two tennis courts. Local architect Ron Molen is finalizing plans for structhe 165,000 square-foo- t ture, but no contractor has been selected to build it. Vagabond, which operates 53 hotels nationally, formed its Utah subsidiary. Vagabond of Utah, Inc., shortly after purchasing the property last year. A targeted construction date has not yet been set. own. We have two factory locations to serve you. Call or come in today. Interior designers and decorators welcome. Bountiful 290-000- 1 427 West 500 South 566-07- - 8995 South State Sandy 01 in- smmmttmsaimmwM fc: |