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Show , , Early Work Proceeding On Bus. Devel. Corp. A community development corporation is in process of of being created in Moab to aid in attracting new industry indus-try to the area. i' Jack D. Payne, chairman of the Moab Rotary Club committee spearheading the organization of the corporation, corpor-ation, announced Monday to his service club, and Tuesday Tues-day to the Chamber of Commerce, Com-merce, that local attorneys are drawing up the legal . papers that will make the yfc corporation a reality. The corporation, to be called call-ed the Moab Community Development, De-velopment, Inc., will sell a targeted $40,000 worth of slock. Shares in the corporation corpor-ation will be sold at a rate of S1C00 each. Investors will be asked to pay only 10o of the share at first, with the remainder on a pledge basif All the cash will go into a special bank deposit, and hen needed to spark new industry, will be matched" 'ith monies up to $400,000 from the Federal Small Business Bus-iness Administration. The funds can be used for the purchase of land, construction construc-tion of buildings, or the in- I itial expenses of obtaining equipment and machinery. Potential industries would Deed approval both by th-; local corporation board of directors as well as by the Small Business Administration. Administra-tion. To find potential industries 'he committee will see that I . the new Chamber industrial brochure recives circulation with the state agencies involved, in-volved, and will also be used in direct mail advertising and personal contacts of potential po-tential industries. According to Mr. Payne, the financing would be made available to an approved firm wishing to set up a business bus-iness locally. This will be on loan basis with an interest charged at the prevailing rate. The local corporation would, by this method, get their original investment back plus interest, and this could in turn be used to establish es-tablish other businesses here. |