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Show A-14 The Park Record Saturday, June 6, 1998 ! c Summit County's '97 rate of growth slows Continued from A-13 year-before total a disappointing disappoint-ing performance from the county's coun-ty's most important industry. Within the industry there seems to have been some restructuring of employment opportunities as food stores cut back on the number num-ber of employees while eating and drinking establishments, and apparel and accessory stores added to their payrolls. Realtors continued to post smaller year-over-year employment employ-ment figures. Compared to the fourth quarter of 1996, 146 fewer employment opportunities were available in the industry. A similar simi-lar trend is apparent in the apartment building operator category, cat-egory, which contracted by 30 positions. On a more positive note, the mortgage banking business busi-ness seems to be thriving, as it added about 130 new employees. As a consequence of these and other employment adjustments, the finance, insurance and real estate employment totals were approximately at last year's level of 1,241 jobs. Government employment in Summit County expanded at a 7.8-percent rate, thanks to 110 additional jobs at the local level. . More than 70 percent of that gain was due to the labor market activity of the school systems. A few new jobs also appeared in both Park City and Summit County governments. Job creation in the services division remained quite healthy with the addition of 147 new positions. Where the new jobs appeared was somewhat unusual because the amusementrecreation amusementrecre-ation category failed to drive job growth in 1997. Instead, the prime movers were hotelsmotels (114 jobs), personal person-al services (40 jobs), health services ser-vices (20 jobs) and business services ser-vices (15 jobs). Undoubtedly, the Minding Your Business: The Park Record and www.newschoice.com t i , :7r?G7 Rrand "0 li I $pse Gier I Nr-'tW HmJJ ORIG. 149.99 (V J 1 . , 1 J r. ORIG. 69.99 f discontmued style 1 1 1 1 M Rose Cier-sales executive J A . HiEinHi J V. 1 WQW (435) 649-9200 (office) I P"' S. Wll STUB! f Vy r I eBetter (435) 619-6719 3414075 j " ' I TUlL '"'HOffigg. 1511 Park Ave. Park City. IT ' lion "J 'r . f Rollerblade New Balance 430N Adidas Smith Millenium Rockport Melbourne Nike Air Levity . 8 Qjr xJXik ' 'n.mntlim 19 Womerl Whs Shoes Mart Court Swt mm mm Shoes Women Riming Shoes r he aSKEK r0.','.,3gs9 rw ... 64" ,rv 39" T 59" I SULDSn :zi 279.99 $20& - ' , A wfr$ f . p xv i i ci' J - :rmti I 0r' C Nike Adidas Santiossage Nike Air Deschutz ' 1 Hrt Soccer Sandals ... . Men, Soccer Sandals 7 "Til: ; 1999 adidas 24" 39f ! ' Wf' J mucj I' Nk r 'SGL. f discontinued style : 'ffJ q -jf Rollerblade " . k (Z -7999 w J frT J'v- i v 29"-4499 sAVE'Jh tV Roiada. r? , 1088. Acpatax Sunglasses- J Vfj - ViaWade Parkway CD ( 48 rf If JlofBoiieteatasungOC-Z ,: i 8 Lap ST FreestyteV 0Jtmx w 4 Jf trwmn preoaiop s iHiaiuai i uu reg. 79.99 " 'i SZ J MFH.UST I 1 l I J 1 Quantities limited to stock iHtta j we accept Utah Full mild weather had impacted ski-area ski-area employment. Building permit activity rebounded in 1997 from past quarterly declines. Whether or not the 47-percent growth represents repre-sents a reversal or an anomaly remains to be seen. Both residential resi-dential and non-residential permitted per-mitted values increased; in percentage per-centage terms, non-residential valuation out-paced its counterpart, counter-part, expanding at a rate of 146-versus 146-versus 48 percent. As the value of proposed new construction grew, so did the number of proposed dwelling units. During the last quarter of 1996, the county total stood at 112. For the same period in 1997, the total was 280 a 150-percent change. More than 70 percent of the proposed single-family housing hous-ing scheduled for construction will be located outside Park City (55 units). Of this total, Coalville accounts for two units and Kamas for three units. Park City is scheduled for 20 single-family units. Three officebankprofessional officebankprofes-sional buildings were approved at a value of $1.5 million, while service stationsrepair garages and retail storesrestaurants total about $1.2 million. Summit County's gross taxable tax-able sales for the second quarter of 1997 (the latest data available) avail-able) were disappointing as they failed to grow during the past 12 months. Blame lies with the trade sector (both wholesale and retail), which experienced declines of 20 percent and three percent, respectively. Motor vehicle dealers and miscellaneous miscella-neous retailers experienced the largest dollar declines in the category. cat-egory. Only food stores registered regis-tered significant sales increases for the period. Fortunately, service ser-vice sector sales continued along its established path of expansion, growing by more than 11 percent. Nitvmaxt3RtL on hand. Sizes, colors and styles may vary by rfddbfr Selection Stores: Ogden City Mall Layton Hills Mall 801-546-2644 Marketplace Rengar Funding helps build equity, ease cash flow Gary Dalton shows ways to save money, own home earlier by Bruce Lewis OF THE RECORD STAFF "I think every homeowner has heard of the power of making additional addi-tional payments against their mortgage," mort-gage," said Gary Dalton, a financial finan-cial consultant with Rengar Funding Group, "but many Americans don't have the discipline disci-pline to make those extra payments." pay-ments." Dalton represents EquityCorp, a national company which is in the business of accelerating mortgage payoffs and helping homeowners build equity in their homes more quickly. "TJpe company becomes a go-between go-between for the homeowner and the lender," he said. Dalton and EquityCorp set up a plan for a homeowner to make biweekly payments, equal to One-half One-half of their monthly mortgage payment, using electronic funds transfer. "We set up the system to automatically auto-matically withdraw the funds from the customer's checking or savings account," Dalton explained. "Each month, EquityCorp makes the payment pay-ment to the mortgage company." "Since the payments are being taken out every two weeks, a total of 13 payments are being made each year," he said. "At the end of the year, EquityCorp makes sure that the additional payment is sent to the mortgage holder and credited credit-ed as an additional payment." Additional payments are applied to the loan's principal, building the owner's equity in the property and reducing both the length of the loan and the amount of interest paid, he said. "The amount of savings are substantial; sub-stantial; more than many people realize," Dalton said. For example, a $100,000, 30-year mortgage at 10.5-percent interest would be paid off more than nine years early, and interest savings would total more than $82,000 over the life of the loan. , Choose nn UU Ataffli SOBpnwrrOT MlaoMlt compute Sioftn MP to 36 nmrtMW location. Interim markdowns may have been Itkmrz tfm 801-399-2310 Roy 801-766-4453 Utah Specialty Stores: ZCMI Center BRUCE LEWSPARK RECORD Gary Dalton is a financial consultant with Rengar Funding Group. He works with homeowners to build equity in their homes more quickly, and with companies which are encountering cash-flow problems. "Within a few minutes of getting the particulars of a mortgage loan, we can provide a comparison of this option against continuing with regular payments," he said. "EquityCorp uses nationally-chartered nationally-chartered banking institutions and fully-insured FD1C accounts, so there is no risk to the homeowner," Dalton said. "At the end of each year, the company verifies that the mortgage company has applied the additional payment against the loan's principal, and provides a statement to the homeowner, verifying veri-fying it." "Compared to the tens of thousands thou-sands of dollars whichcan be saved, EquityCorp's fee is minimal," mini-mal," Dalton said, "and there are no additional charges. An existing account can be transferred to a new mortgage such as when a homeowner home-owner moves to a new house for a small administrative fee." The company has been in business busi-ness for about 10 years, Dalton said, and has 548 agents across the U.S. "I have a lot of people who ask me how the company makes their money," Dalton said. "It's on the from an assortment sVH ":; X. J emit' REG. 79.99 tin BatRcii & Lomb Predator I Sunglasses BAIISCH &L0MB taken. Ad 980132 6598. Expires 61498. torn Bountiful 801-292-7284 801-359-4540 n 'float.' Just as an interest-bearing checking account draws interest on the daily balance, EquityCorp knows that a certain amount will be in each customer's account at a given time each month, drawing interest for them." "It's amazing that more people don't use this service," Dalton said. "It's a win-win for everyone involved, except maybe the lenders who receive less in interest over time." Homeowners aren't the only group of people Dalton works with. He also works with area companies com-panies which are experiencing cash-flow problems. "I've been the president of three companies, and I know what it's like to have capital tied up plenty of value but little cash readily read-ily available," he said. A typical scenario is that a company fills a large order for goods or services and bills the customer, cus-tomer, he said. Then another order comes in, but the company is still waiting for the first customer cus-tomer to pay his bill. An account receivable cannot be used as money in the bank, to write checks NOW Open for the Summer Season! Open for Lunch & Dinner Monday-Saturday Plenty of parking underground Marriott Summit Watch Building Closed Sundays 738 Main Street, Park City 649-0888 A private club for members against for more raw materials or payroll. But Dalton said that accounts receivable can become the basis for a loan to the company- Dalton works with more than 100 lenders who specialize in making mak-ing loans to companies in this situation. situ-ation. "I have more than $500 million to work with from these lenders," he said "I was amazed to find out that this is a $60 billion U.S. industry." indus-try." "More and more companies are using these services as the interest rates become more competitive," Dalton said. "Not too long ago, rates were eight to 12 percent. Now they run between two and eight percent, depending upon the amount and the time period involved." Dalton and his wife, Renate, operate Rengar Funding Group from their Pinebrook l1 me. "We go to the customer's location loca-tion most of the time, and do our calling and contact work here at the home office," he said. For more information, call Rengar Funding at 649-2336. i mm is fit i tti -., r. n r " f I - . . r ,tii rt |