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Show The Salt Lake Tribune F3 Sunday, November 27, 1983 Better Days Are Coming Up for Downtrodden Magna Region Continued From Page F-- I steadfastly resisted the allurement of East Bench" residency when affluence final'y came his way. We call L'is the West Bench, he grins of an area where he can yet keep horses and raise hogs within walking distance of his office. The comfortable brick office lies within the Arbor Park Shopping Center, a joint venture development begun 10 years ago by Mr. Rokich, the Gust family, and Ralph Edwards of the firm of Edwards & Daniels Associates. center, a venture in its time, and now anchored by a 24,000- The million-dolla- ot r Lawyer John Rokich, the son of Croatian immigrants who now lives in Magna, vis- - i I t Smiths grocery store and two bank buildings, will be expanded on the east with a $4 million, complex called Arbor Park East. square-foo- free-standi- 113,000-square-fo- Again, Smith's will take 45,000 square feet of Arbor Park East, to become anchor of the new building its the family home where he and his wife lived during their early married years. Estimated at SI 85 Billion Congress, Reagan Must Face Deficit Continued From Page F-- l fourth-quartbasis and will increase at an average annual rate of 3.5 percent from 1985 through 1988. The congressional agencys pro- jections sharply contradict those as- serting that steady economic growth will cause the deficits to disappear. To the vast annoyance of Treasury Secretary Donald T. Regan and key members of the White House staff, Martin S. Feldstcin, chairman of the Council of Economic Advisers, has also sharply refuted such optimism. He notes that, even assuming steady growth through 1938, the decline in the cyclical component of the deficit will be more than offset by the rise in the structural component. Feldstein defines the cyclical as the shortfall of tax v component revenues and increase of unemployment benefits and other cyclically sensitive government spending that occurs because the unemployment rate exceeds 6.5 percent. He assumes that to be the natural" job less rate under e resting conditions. The structural conponent is the share of the defied that would not disappear even ii the rate were 6.5 percent The Council of Economic Advisers estimates that, with continuous growth in real GNP, cyclical deficits will decline from $95 billion in 1983 to minus $4 billion in 1988. But the structural deficits, according to Feldstein, will rise from $100 billion in 1983 to $214 billion in 1988, as budgeted spending increases outrun revenue rises. Thus, by 1988 the entire deficit would be structural. In the coming year, the big budget deficit is likely to give extra thrust to economic expansion. Accepting Keynesian logic, Feldstein says, It is standard textbook economics to note that the direct fiscal stimulus of the lcce 1984 deficit will do more to raise demand in 1984 than the increased real interest rates that result from 1984s deficit will do to depress demand. Before Congress adjourned, Feldstein told it that it was clearly wrong to say that next years deficit will abort the recovery in 198' " serious dangers lie following years when is expected to be at of employment and in- However, ahead in the the economy higher levels dustrial use. Net private savings during the past three decades, Feldstein pointed out, have averaged 7 percent of GNP, and he saw no reason to think the share was rising. The anticipated budget deficits cf 5 percent of GNP now in prospect for the four years beyond 1984 would therefore or more of net doabsorb mestic saving that otherwise would be available to finance investment in housing and in plant and equipment. The most crucial economic question is when the Administration and Congress will tackle the huge deficits that are threatening to hobble national economic growth and push real interest rates to record heights. The deficit issue has almost certainly been put off by both the White House and Congress until after the 1984 elections. (Copyright) two-thir- cluster, with construction to start in the spring. Its former space is to be taken up by one of the hardware and home products chains, according to John Gust, of the Gust family. Construction also will start in spring on 20,000 square feet of shopping space. The remaining 48,000 square feet is to be started later in the year and includes two movie theaters. Matriarch of the Gust family is Helen Gust, who still takes her turn cheerily preparing salads in Francescos, a new Arbor Center Italian restuarant owned by sons John and Ernest. Final finance is pending says Mr Edwards, who now has a 25 percent interest in Arbor Pafk, which will be increased in acreage from the present 14 to 25 acres. Architect Has Equity Equity participation by the architect in a project, considered unprofessional m an earlier time when architects were more preoccupied with flourishes than finances, is increasingly practiced by the profession, he said. A new equity participant, by contribution of adjacent property, is William B. Gorley. The new development says John Gust, is intended to offer a variety of retail services to make Arbor Park a destination shopping center, he says, and to recover the business Magna years ago lost to Valley Fair Mall and other shopping centers in the Granger area and to downtown Salt Lake City. He said a population of 50,000 is estimated to reside within a five mile radius of the center. d Intent not only a it is venture However, premised on recapturing local patronage but aLo in claiming new businesses from the Tooele County communities of Stansbury Park, Grantsville 8nd Tooele to the west. Construction on Arbor Park will begin in 1984 with completion in 1985. Longer-terplans include construction of Condominium units, Mr. Gust said. a comMagna, once principal munity of workers in tee nearby copper concentrator and smelter, has long since lost that sense of shared interests. Better transporation has widened the opportunities for housing locations. The copper industry, having fallen upon hard times, has cut employment from more than 7,000 to less than 5,000 within two years. In the meantime, new industry development in the proximate Union Pacific Centennial Park and in the Salt Lake International Center have brought a new generation of workers to the Magna area. Prospects also include expansion by Hercules Inc. of its nearby Bacchus Works from the current 3,500 to 5,000 by the mid 1980s. The expansion results principally from its graphite fiber and compos ite structures business which have application ranging from fully formed wings for fighter planes to tennis racquets and golf flubs. Some 700 were added to the work force in the first three quarters. Two hundred more are to be added years end. Double-Barrelle- m Tribune Stott Photo by Robert H Woody principal owner of Arbor Park takes turn preparing salads in the restaurant. development, Helen Gust, whose family is T Federal Employees: Beware of Hidden Health Insurance Costs. rttifh' titit till it! O G Like the icy waters of the North Atlantic, some health In a live, closed circuit TV teleconference, Merrill Lynch answers your question: in- "wrnw EiL!D) n b surance plans are plagued with hidden hazards in the form of expenses not covered by monthly premiums. On the surface, these plans appear attractive because their premiums or payroll deductions are slightly lower. But lurking underneath are hidden costs, such as deductibles for doctors and dentists' visits, hospitalization and prescription drugs. In items such as eye exams fact, many important health-car- e and preventive care may not be covered at all. 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With FHP hidden costs are not a problem. You receive more benefits... which usually means you pay much less in the long run. FHP pays these benefits with no deductible: top-rate- 100 hospitalization Doctor visits ($3 co-pa- Dental coverage y) Prescription drugs ($3 co-pa- y) Eye exams Much more! d Count On Us To Care QQ1 Federal employees: see your benefits officer by December 9. I l ' 031-013- 1 investments don't miss this event Admission is free but seats are limited To make your reservations and get full information about this vital program, call the number below Time: 5 45 pm. Location: The Salt Palace. Salt r n cannot attend the teleconference but please send me more D information on AT&T New Investment Opportunities and a free prospectus on the Equity Income Fund Firs! Exchange Series AT&T Shares ( THe prospectus details the Funds fees and expenses Read it carefully before you invest or send money ) No I Name Address State. 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