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Show Devebpsnesit Group HecscSies iiflemher Drive Moab Area Development, Incorporated is now an actuality. ac-tuality. It was announced this week that the Articles of Incorporation Incorpor-ation were filed with the Secretary of State of Utah and that the newly-formed corporation is now involved in a stock-selling campaign, with funds to be used to attract at-tract . new businesses to Grand county, and to assist industries in establishing here once they have decided on this area. Ten local incorporators last week accomplished the final work of creating the corporation. corpor-ation. The idea of forming a business development corporation corpor-ation began this past summer through a committee spearheaded spear-headed by the Moab Rotary Club, of which Jack Payne was the chairman. The purpose of Moab Area Development, Inc., according to the Articles of Incorporation Incorpora-tion are: "To further the economic development of Grand County, State of Utah, and its environs, and promoting pro-moting and assisting the growth and development ofs business concerns, including small-business concerns, in the area. "The primary objective of this Corporation," the legal document stated, "shall be to benefit the community as measured by increased employment, em-ployment, payroll, business volume and corresponding factors." Ten Sign Papers i The incorporators of the new organization are all presently pre-sently actively engaged in local business development, they include Jack Payne, Sam Taylor, Fred Stoye, Robert Ro-bert Dalton, Ralph Miller, Jr., Ralph Osborne, Fred Beyeler, Harold Gaither, Les Erbes and Ralph Miller, Sr. . The -incorporators chose three members to serve as the Governing Board of the Corporation to be called "directors" "dir-ectors" of the organization. The three named men to serve as original directors are Jack Payne, President; Ralph Miller, Jr., Vice President; Presi-dent; and Ralph Osborne, Secretary and Treasurer. The ten incorporators also became the ten original stockholders in the new corporation cor-poration by buying the first shares of stock. To meet the primary objective ob-jective of bringing new businesses busi-nesses to Moab, the new corporation cor-poration is now seeking stock" holders to buy at least one share of stock each. The shares, according to the new corporation president ' Jack Payne, are being sold for $100 each with a subscription sub-scription to buy nine more shares at $100 each. iO Stockholders Waited The corporation is enedav-oring enedav-oring to obtain at least 60 stockholders each with one share in the corporation and thereby creating a fund for assistance in establishing new business and industry. The $63,000 thus raised, when needed, will be supplemented by Federal Small Business Administration monies amounting am-ounting to $300,000. This will create a $360,000 financing fund which will make this area more attractive to new ; industry. ! The funds will be made available to an approved i firm .wishing to set up a lo- J j cal business. The funding would be done on a loan basis bas-is with an interest to be charged at the prevailing rate. The local corporation in j that way gets its original in- j vestment returned plus in- ! terest. This would be used to create new interests in establishing es-tablishing businesses here. 30 Day Campaign It is the hope of the corporation corp-oration members to obtain all 60 stockholders within the next 30 days which would make it possible after such funding is available to invite in-vite interested industry to locate here. The Artcles of Incorporation Incorpora-tion of Moab Area Development, Develop-ment, Inc., were drawn up by local attorney, Harry E. Snow. . |