Show - Nle A Slow But Steady Upswing Better Than 86 Publication Cites '87 Economic Growth in 19 Utah Counties Although economic activity in Utah's 29 counties was slow throughout 1987 the year was an improvement over 1986 according to the latest edition of the Utah Economic Business Review The publication produced by the University of Utah's Bureau of Economic and Business Research indicated that 19 Utah counties had positive growth last year Written by Austin Sargent research analyst the review said Box Elder and Summit counties experienced the highest growth rates in 1987 while Duchesne and liintah counties experienced declines in all 17 of the study's economic indicators -The southeast and central areas of the state continue to show declining activity" Mr Sargent said "DinDuchesne Grand and Emery still are hurting from the decrease in oil gas and mining industries" The 17 economic indicators used in the study fall in six major categories Mr Sargent said They are population labor market and income data tax data construction activity and two miscellaneous items new care and truck sales and in lieu tax payments" made to states by the federal government Slow economic expansion in 1987 according to Mr Sargent resulted in only slight growth in employment and wages Employment he said rose 09 percent while wages in Section " Thing' But company 1 officials said this s week they feel good about taking their case before '' 2 jt'::: ' - ! 4 r ' l'i the Salt Lake: : 2" 4o" ) i 4-- County Commis- Mr Thompson slot' The commission — which company officials lauded for expediting its appeal because it claims the business it hopes to conduct in the expanded Bacchus West has already been de- layed by six separate appearances before the planning commission — will hear the appeal Monday at 8 - 1 ' am f "WI all know there are some people who really have difficulty with the construction" said Bacchus Works Manager David E Thompson "But we think the County Commis- sion will do the proper thing" lie said he based his observation on the extensive and thorough prep- aration of Hercules to meet safety 1 I 1I ' t( nal ndbai etninoc einafati ti ial int yd bsrealize at di al employment business Gov Norm Bangerter said Friday he was dismayed at the planning commission's refusal to allow Hercu- les to expand its Bacchus Works in Magna In a letter to County Commission Chairman Bart Barker Gov Bangerter urged the County Commission to overturn the planning commis sion's decision and allow the expan- 2-- I a r ' 1 Si011 i "I am concerned about job opportunities for Utah workers" Gov letter "The il Bangerter said in the j proposed expansion will be responsiI ble for providing ) 750 construction jobs over the next 1 I two years and once the plant is fully operational 1267 people will be eMI played "The Bacchus West expansion is needed for continued eco i i vitally nomic job growth and should be en- dorsed" the governor wrote I i The Bacchus West expansion will 4 take about two years to complete and I I $ 1 - -- I ' I t i I ' 'f I ' ' ' ‘ ' d even independent firms hired by the county have confirmed that the expansion will more than adequately meet the county's distance requirements from such hazardous facilities Mr Nicponski said that is why Hercules feels particularly confident to present its case to the county commissioners To Hercules which has been manufacturing strategic rocket motors for the US defense program at the Bacchus Works since 1959 the expansion is crucial said Mr Thompson In the late 1950s Hercules operated only Bacchus East just east of 8400 West between 5400 and 4100 South The company's rocket motor contracts primarily have been for the Minuteman Peacekeeper and Midgetman missiles of the US Air Force and the Fleet Ballistic Missiles for the US Navy But Mr Thompson noted the country's attitude about strategic defense has changed evident by the Union negotiations on treaties banning missile deployment and reluctance by some congressmen to hold the line on defense spending He said "We realized that two or 2 MI i 1 II l‘ 1 ) US-Sovi- AM UNORIIIOPDX MSS IT SA)ORKS PITCH BUT MittleNtt z - Mt 1 ' Ir-m-- 7 :)-w- 5 ftp) ' AMIT ITS I 'I IftiC i44:09 iffitis 14111144 1 I s14 C74) 4 t (1 ' ! 4( i Although attorneys for depositors of Utah's failed thrift companies continent Friday on the states offer to settle the crisis by paying depositors $10 million they did release a statement to 'clear up" the extent of the losses that depositors are expected to suffer George lialey and Robert L Stolebarger of Haley 8z Stolebarger in a prepared release said depositors in the five failed thrift companies nOW face an estimated loss of $475 hon indicated that Grant Thornton the cour i appointed liquidator for four of the five failed thrift companies earlier estimated depositors In Western Heritage Copper State Charter and Interlake face an estimated savings loss of $38 million Commerce Financial which is being liquidated by former owner Larry II Miller is not included in the $38 million estimate Mr Haley said The shortfall for the depositors of Commerce is now estimated at $95 million Mr Haley said both of the short fall estimates assume that liquidators will be able to collect the reasonable value from the remaining assets of the rive companies "Combining these two estimates tlie total expected shortfall of the tRe failed thrifts assuming colter-lioof the reasonable value of the I o mil-The- y "(' ' : n II lit m 8 ' 14Q tql11 get into the space business and our entry at that time was to be backup — a second source — for the space shuttle So to do that we had to have more space" That resulted in construction of Bacchus West located across 8400 West from Bacchus East Since it began operating in 1088 Bacchus West has been casting the second stage booster rocket motor and finishing the first and second stage rocket motors for the Trident missile which will be used in the US Ntivy's Trident II submarines Bacchus West also has Just begun work on the booster motor for the Delta 11 a space program missile devehicle signed for medium-launccapacities such as satellites Mr Thompson said Hercules also plans to begin work this summer at Bacchus West on the Titan IV space missile booster motor The Titan IV is a heavy launch Air Force space vehicle system for cairying larger satellites and components for the space station Mr Thompson said the Delta II and the Titan IV contracts will bring Hercules about $2 billion in sales over the next 10 years lie said the contracts will allow Hercules to keep its Utah work force at least at its present level of about 4000 people throughout those 10 years and will increase business to vendor contractors and contribute commensurately to the county and state tax base Mr Nicponski said those contracts also "will open the door for stronger competitive positions relative to future space programs offered by any number of agencies" The expansion of Bacchus West Hercules is seeking essentially will require the construction of a "mix" house for propellant ingredients a casting building and "some support buildings" said Mr Thompson 11':-'- ' merce's estimated $95 million shortfall Mr Miller last year guaranteed to Commerce depositors that he would return 70 percent of their account balances at the end of 5 years l p r0 4:-E- q kdol (7 ' 11ifil: l h§ 4 : o'k 11viy'- ' i :itt' 211i1 Tztr 0111"' 7'67C7 ?"il'17f '11)A) '"''$ ' ' - - - rf: IL 'i ' Iol i '' A '''W' V '' $ 994 94 (4" 1io-- 1 - 1 I ' b i 7 Ci:zil:0 lc - :ktf111 ri " - ii A C3 -- ‘ s !:ii '' A ! 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I'Ll! eILe :4Ii 1'iO40A '' I y q 1? n11r4 '1d4: 4:1141irn1-:'9- i W4'-ft- The vehicle's initial development flights are scheduled to begin next year and the carrier aircraft will be the National Aeronautics and Space Administration Dryden Flight Rethe same re search Facility N13-5rocksearch aircraft used on the et plane program in the 1960s Final assembly and test operations for Pegasus' initial missions will take place at NASA's Dryden facility in Calif According to a prepared statement by Hercules and Orbital Sciences Pegasus can place satellites weighing up to 600 pounds and measuring about 6 feet long and 4 feet in diameter into a altitude circular polar orbit Pegasus also has a payload capacity about twice that of an identical groundlautiched booster as a result of being and its use of propulsion structures and avionics technologies Oribital Science's Pegasus engineering team is based at the contpany's Fairfax Va headquarters Space Booster the first new unmanned launch vehicle to be produced in the United States in the last 20 years Hercules spokesman Ted Olsen said the company's Bacchus Works in Utah will develop and produce the three solid rocket motors and associated hardware that power Pegasus He said while Pegasus won't likely immediately increase Hercules I3acchus Works employment if production picks up after development flights it is possible 150 to 200 additional employees could be required Pegasus a three-stag- e menially-guidevehicle has been under development by OSC and Hercules since early 1987 The vehicle is launched in air by an aircraft rather than from a ground launch pad to increase payload performance and operational flexibility Pegasus also can be carried aloft b 1 A -4 i1X144A ' f F414' l' :'L - i- craft - 1- - - and launched by a number of cum mercial transport and military air- It's called the Pegasus --1- r— l'AVP The NASDAQ composite index for market added the 221 to 37686 At the American Stock Exchange the market value index closed at 30088 up 180 I lercules Aerospace Missiles Ordinance and Space Corp and Orbital Sciences Corp of Fairfax Va announced Friday the formation of a joint venture to develop manufacture and operate a new satellite launch vehicle h - 0 26045 Joint Venture to Help Hercules Develop Satellite Launch Craft ji D-- 5 well-know- n 117111 1 '' owner for Mr Miller the of the Utah Jazz basketball franchise pointed out Mr Miller is hoping to earn back a portion of Com- assets still in liquidation is $475 million" the release said According to the attorneys the value of the unliquidated assets of the five failed thrift companies has been estimated at $29 tnillion And the present shortfall to depositors is $705 million John Woods who is overseeing the liquidation Of Commerce Financial d ended March 31 of 13 cents a share down from 19 cents in the comparable period a year earlier As measured by Wilshire Associates index of more than 5000 actively traded stocks the market increased $1261 billion or 048 percent in value The NYSE's composite index of all its listed common stocks gained 064 to 15031 Standard & Poor's industrial index ruse 122 to 30758 and S&P's 500- stock composite index was up 112 at Before the market opened the La bor Department reported that nonfarm payroll employment increased by 209000 in May while the overall unemployment rate rose to 56 percent from 54 percent the month before Analysts said those figures showed a little less strength in the economy than had been anticipated and thus served to dampen worries about inflation somewhat Interest rates fell in the credit markets putting yields on long-tergovernment bonds in the neighborhood of 905 percent to 91 percent Just a short while ago Treasury three years ago the business we were in would be limited as far as growth is concerned So we really wanted to Failed Thrifts' Depositors May Lose $47 Million ' Blocraft Laboratories dropped 144 The company reported earnings for its fiscal fourth quarter shares artist rendering shows the Titan IV space missile Hercules will build booster motors for the missile at Bacchus West y 1IIt to market totaled 21287 million i c basic-industr- 3 An 1 is 1 j - ' 85: 14-1- ' ' by Bruce Hammond r ' - - bond rates appeared to be closing in on 95 percent After weathering mild bouts of selling late in the morning and at midafternoon stocks came on strong near the close Gainers among the blue chips included Alcoa up 114 at 49 Interim- tional Paper up 1 at 43A DuPont Philip Morris up 13S up 12 at at 86:Y4: and International Business Machines up II's at 1134 Brokers saW stocks In businesses like chemicals and paper attracted investors who reasoned that moderate growth in the economy would allow industrial America to continue posting robust earnings gains Abbott Laboratories fell Fs to lost 112 to 454 and Bristol-Meyer- s 4114 both in active trading on reports that Nestle SA was preparing to Introduce a product to compete with Abbott's and Bristol's infant formulas By Chet Currier AP Business Writer NEW YORK — The stock market gained more ground Friday rounding out a week of sharp gains that caught many Wall Streeter 4 by surprise The Dow Jones average of 30 industrials climbed 1885 to 207130 extending its gain for the week to 11486 points That surpassed the previous record point rise of 10826 set last Dec 8 though it fell well short of some past weekly percentage increases Advancing issues outnumbered in nadeclines by more than 510-tionwide trading of New York Stock stocks with 946 isExchange-listesues up 540 down and 478 unchanged Volume on the floor of the Big Board came to 18960 million shares down from 19354 miliio n the previous session Nationwide consoliissues dated volume in NYSE-liste- d Including trading at regional exchanges and on the e Duffy IL 11 - However Mr Thompson's observation that Hercules' expansion plans are not universally embraced in Salt Lake County is as accurate as It is candid The planning commission's vote was with a fifth commissioner abstaining because of a possible business conflict But the proposal went down to defeat because tie votes count as rejection of a motion Commissioners' comments ranged from "the economic welfare of the valley should not be based on a missile industry" to "outside consultants hired by the county even felt Hercules has addressed concerns about the expansion" But opposition to the project also came from the planning commission staff In a report it acknowledged the proposed use of the land is necessary and desirable for national defense and security and would benefit the economy of the community But it added "doubt and distrust still exist that the expanded facility will not meet existing ordinance such as "overpressure" areas air quality and ground water Mr Thompson and David Nicponski the Hercules government relations specialist countered that experts from the county the state and some taanxde ss 11 t bez000rnhimni gun ncjiotoynbcwesirtl 1 ' or the governor" ti: altyhned 1 1 have a yearly payroll of $24381478 Hercules estimates labor materials equipment and engineering work will amount to well over VW million all of which will remain in Utah But what if the commission doesn't side with Hercules? Mr Thompson didn't repeat the threat Hercules made last year to move portions of its Bacchus East operations out of the state if government officials didn't stop residential and other commercial development from moving too close for safety to the plant Hercules said the it just couldn't meet the liability requirements of the encroachment Rather Mr Thompson said if the County Commission rejects the Bacchus West expansion "I think we'd have to sit and think about that a little bit Obviously we'd be in a position — we can't abandon the site — we'd have to do a lot of talkso ing with the state economic development people about what approach we would have here "You know essentially the county would be saying business is not welcome And I don't think that's their intent It's not the intent of the state ' 1988 Page 9 4- - Dow's Bull Run Sets Record In Week That Wasn't Weak 1 - Hercules Chief Speculates Joe Rolando Tribune Business Writer othiv two days remain before Her- cules 'Aerospace Missiles Ordinance and Space Corp appeals the County Planning Corn mission's rejec- tion of a $145 mil— lion expansion of :' Its Bacchus West i plant state from $47 6 billion tn 1986 to $475 billion in 1987 Cross taxable sales decreased 15 percent in 1987 Population growth in Utah for 1987 increased 08 percent compared to a 18 percent increase in 1980 The states population is now estimated at 1678000 Of the states 29 counties ‘Vashington County had the largest increase up 54 percent Population in Rich Duchesne and Vintah counties decreased 4 percent Saturday Morning—June I) usineos mmMINMOIMEMMIIMIE County'll Do 'Proper property taxes charged occurred in those areas where oil gas and mining activity have decreased dramatically" Mr Sargent wrote Millard County had the largest in crease in property tax up 197 percent due to the IPP The largest decrease was in San Juan County with property taxes charged declining 103 percent The total assessed valuation decreased 03 percent throughout the 0 po galt gate tibutte rJjc creased 15 percent Wasatch County had an 11 percent increase in employment which leads the state Milemlard Countys ployment decreased 183 percent due to the completion of the Intermountain Power Project The report said total personal income in the state increased 33 percent in 1987 to $18894 Tax collections showed mixed results in 1907 "The major declines in t - - I I I |