| Show Utah County Legislators ors Give Approval To Plan to Spur Indus Industrial trial Expansion on I. I New Industry and Increased employment for the state of Utah through industrial financing such as used so successfully in inthe inthe inthe the state of Mississippi is being earnestly studied by Utah legislators legislators legislators legis legis- and other interested groups I After three visits to Mississippi I pi D. D Spencer Grow Provo bus businessman and president of Utah Saving and Loan Association said Mississippi has employed political subdivisions issue bonds a financing program under which i ito to finance land purchases and construction of buildings for II leasing to industry I The state o of Mississippi MississippI- has employed a financing program similar to the one being considered considered considered consid consid- ered by the Utah for forthe forthe forthe the past 18 years under its balance balance balance bal ance agriculture with Industry plan I According to Mr Grow other I states having per cent Industry Industry industry In In- in- in financing are Tennessee Arkansas Rhode Island Vermont Vermont Vermont Ver Ver- mont and Maine In 1959 1939 alone Mississippi 96 new plants ranging up to employees and most of or them In smaller communities corn com com I 1 by using the financing plan Mr Grow Grow reported I Mississippi realized that hat workIng work work- work work-I I I Ing big capital is the biggest problem lem and industry has has' in expandIng expanding expanding expand- expand I Ing or opening a new plant Mr I Grow said So the governor governor got gota I a bill through the legislature authorizing au au- au- au authorizing local cities individually or jointly to bond for Industrial plants for an amount equivalent to tb 20 per cent of the assessed valuation Industry assisted under under under un un- un- un der this plan pays rent sufficient to amortize the bonds In 20 years and pays Its fair share of the i taxes The result A stronger tax base and a new payroll to spark the community's economy Small communities can compete compete com com- pete with the metropolitan cities under such a plan In landing Industrial industrial In in- plants asserted Mr Grow because they can provide provid I the land and get out the vote to approve the hond hood issue Industries Industries Industries Indus Indus- tries employing as few as 25 to I j people can also be attracted to the smaller c communities un under under un- un der the plan un-I un Under the Mississippi plan an I promotion industry-promotion board exists made up of state officials who I serve without pay Under the thebo bo board rd Is an executive director by the governor and an executive committee appointed appoint appoint- ed by the board which researches research research- es what industry could be bandied handled handled han ban died within the state and seeks out new industry With its advance industrially said Mr Ma Grow Mississippi hopes by 1965 to have its state Income tax tn down to 1 v. v or 2 per cent cent cent- and this will be an additional aid aidIn aidin aidin in attracting new industry All AU people concerned with the wide state-wide development and in industrial industrial in in- and future economy economy economy econ econ- omy of the state of Utah Utah ar are urged to contact their legislative legislative legislative legisla legisla- tive representatives and request their serious study and action on the proposed plan Mr Grow concluded his report by saying In this day and age of competition the average in industry industry industry in- in planning expansion is beIng being being be be- ing solicited by salesmen from practically every state Naturally Natural Natural- ly such an industry is going to togo togo go where financing is available i is financing is a problem An Anarea Anarea Anarea area with no plan Is simply out of luck Utah County legislators legislators' have been given unanimous approval to sponsor the plan by representatives representatives of ne every city in inthe inthe inthe the county Brigham Young University University Uni Uni- Greater Utah Valley Inc which comprises a group of civic leaders oth other r business businessmen men farm representatives and county officials 1 other All counties In the state are expected to take a similar interest in the fi financing financing fi- fi plan l. fI-l. |
