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Show Utahn Explains Plan For Bringing New Industries Here New industry and increased employment for the state of Utah through industrial financing, as is used so successfuly in the state of Mississippi, is being earnestly studied by Utah legislators and other interested groups. After three vists to Mississippi D. Spencer Grow, Provo businessman busi-nessman and president of Utah Savings and Loan Assn., said, "Mississippi has employed a financing fi-nancing program under which political subdivisions issue bonds to finance land purchases and construction of buildings for leasing to industry. The state has employed a financing fi-nancing program similar to the one being considered by the Utah legislators for the past 18 years under its "balance agriculture with industry plan." According to Mr. Grow, other states having 100 per cent industry in-dustry financing are: Arkansas, Tennessee, Rhode Island. Vermont Ver-mont and Maine. "In 1959 alone Mississippi landed 96 new plants ranging up to 475 employees and most of them in smaller communities commu-nities by using this financing plan," Mr. Grow reported. Mississippi realized that work- ing capital is the biggest problem any industry has in expanding or opening a new plant," Mr. Grow said. "So the governor got a bill through the Legislature authorizing author-izing local cities individually or jointly to bond for industrial plants for an amount equivalent to 20 per cent of the assessed valuation. Industry assisted under un-der this plan pays rent sufficient to amortize the bonds in 20 years and pays its fair share of taxes. The result: A stronger tax base and a new payroll to spark the community's economy." Small communities can compete com-pete with the metropolitan cities under such a plan in landing industrial plants asserted Mr. Grow because they can provide the land and get out the vote to approve the bond issue. Industries Indus-tries employing as few as 25 to 150 people can also be attracted to the smaller communities. Under the Mississippi plan an industry promotion board exists made up of state officials, who serve without pay. Under the board is an executive director, appointed by the governor, and an executive committee, named by the board, which researches what industry could be handled within the state and seeks out new industry. With its advance industrially, said Mr. Grow, Mississippi hopes by 1965 to have its state income tax down to 1 or 2 percent and this will be an additional aid in attracting new industry. |