Show “4 sar tie il w Flight-Kitch- — - Expansion in Works at SL Airport en JL By Joe Rolando Tribune Business Writer The Salt Lake City Airport Authority is expanding one of the two flight kitchens it leases to Marriott Corp by 26600 square feet to meet the food requirements of Delta Air Lines whsch is planning to absorb Western Airlines by April 1 Lou Miller airport director estimated the expansion will cost $17 million to $2 million But he said a more accurate cost will come when an architect is hired to draft the plans Architects interested in the job must submit a statement of their interest and qualifications to the Salt Lake City engineering and maintenance division by noon Friday Meanwhile to determine the financial impact of the expanded space the airport au thority is renegotiating the lease with Marriott on the building that will undergo expansion said Mr Miller "We've got to increase the sales capacity of the flight kitchens by at least 25 percent” said Mr Miller adding the airport authority hopes to receive a fair hut comparable amount of revenue for its investment Generally a flight kitchen is a facility that meals served prepares and provides to passengers Mr Miller said the airport hopes to have the flight kitchen operating by November The airport director said the two existing flight kitchens just south of the main airport terminal generate about $12 million a year for the airport He said the flight kitchens’ leases give the airport a percentage of their sales flight-kitche- n Mr Miller said the flight kitchen that will be expanded now measures about 25000 square feet and the other between 20000 and 25000 square feet But Delta Air Lines’ acquisition of Western Airlines which became final the middle of n December necessitated more Mr Miller different said Delta has space standards for food and catering equipment for its flights than Western a fact that only becomes significant April 1 That’s when Delta absorbs Western’s operation name and all Thus Delta will take over Western flights from the Salt Lake City International Airport Mr Miller explained the three reasons Delta’s increased presence in Salt Lake City nen cessitated more space: flight-kitche- flight-kitche- — Delta has a different standard to determine which flights get meals and which don't That will result in more meals served on flights — Delta uses china and very little plastic dishes and eating utensils which will require more dishwashing facilities Western has been washing its dishes at its own commissary while Delta has it done through flight kitchens — Delta uses some different planes than Western that require different catering facilities Mr Miller said Marriott is constructing a kitchen facility at one of its flight kitchens that should be completed by April 1 to meet Delta’s immediate food need needs Up and Down the Street Tracy Collins Rebounds After Tough Year And Ownership Change Tracy Collins Bank and Trust Co Salt Lake City shaking out of its troubles of a year ago and now owned by a Dallas Texas-base- d bankholding company Tuesday reported gains in Robert H Woody Business Editor deposits and resources for capital 1986 year-en- d Capital was $16350000 compared to $15829000 a year ago That includes a combination of equity capital which increased to $14310000 compared to $10549000 a year ago and subordinated capital notes which were reduced to $2040000 compared to $5280000 the year before Resources were $273138000 compared to $251626000 at the same tune last year Deposits were $246672000 compared to $223626000 That includes $54622000 in de- mand deposits $47070000 a year compared to earlier and inter- est bearing demand deposits of $86725000 compared to $78705000 Savings and time deposits totaled $105325000 compared to $97851000 The bulk is composed of “core” deposits according Charles R Canfield chairman and president These are individual deposits of less than $100000 which are fully insured and which are considered to be relatively stable Larger deposits — eg funds deposited by public treasurers — tend to track highest interest offered — and are uncertain in duration While outstanding loans were down to $169327000 $169830000 the compared to component stood at about $8 million down sharply from year-ag- o levels Mr Canfield said Reserves for loan losses stood at $2600000 up from $1721000 a year ago Net earnings — or losses — were not disclosed The firm has been closely held since founding 103 years ago It was acquired last April by of Dallas NA whom former principal Tracy owners Mr and Mrs John A Dahlstrom owed about IVIlU’ U by Brendan Boyd The three parties bought the bank in 1971 from the original Tracy inter- depressed levels Energy-relate- d loans accounted for only 12 percent of RepublicBank’s portfolio Following the monthly meeting of Tracy directors Tuesday John R Bunten vice chairman of Republic-Ban- k told The Tribune that he expected recovery of energy prices as well as price of more than $30 a barrel for oil within three years Mr Bunton who also serves on the Tracy board also noted that with exception of the semiconductor and integrated circuits end of the business the electronics industry in Texas is doing “relatively well” He said that loan demand in Utah remains “soft” Tracy’s was the first acquisition for RepublicBank He said he expected acquisition of Interfirst to be accomplished by April The surviving RepublicBank would have assets of more than $40 billion and would be among the dozen largest bankholding companies in the Business Wednesday Morning January Section B 21 1987 Page 3 Citicorp Agrees to Reopen Fillmore Mushroom Plant last-minu- interest of two former major ests But problems related to funding and disposition of a Tracy trust established for certain officers and charities debts of the Dahlstroms as well as termination of an agreement to merge Tracy’s into Zions First National Bank Salt Lake City left Tracy’s by the end of 1985 with performance indices under previous peaks In a Statement of Condition prepared for customers and others directors and officers note the bank “begins 1987 poised for continued growth and improved service” after a “strong finish” at the end of 1986 It concludes: “We thank our stockholder RepublicBank and our employees for their efforts and support in helping Tracy-Collm- s Bank move forward RepublicBank is now engaged in acquisition of Interfirst Corp another Texas bankholding company also based in Dallas Interfirst however was badly hit enby effects of the ergy and real estate loans and reported major losses in 1986 RepublicBank with a more widely diversified business continued to show earnings last year although at eribunr Special to The Tribune FILLMORE — A successful effort to reopen the local mushroom plant helped save the future of the the city New owner of the Mushroom King plant Citicorp Industrial Credit Inc agreed Monday to reopen the plant Tuesday while negotiations on a defaulted loan continue teleDuring a frantic three-da- y phone campaign city Millard county and state officials were able to convince Citicorp officials to consider the Fillmore plant apart from two other plants that were closed when Mushroom King Inc defaulted on the loan of an undisclosed amount Mayor Keith Gillins gave much of the credit for saving the plant to $16 million The funds were borrowed in 1982 to fund the acquisition of the fbe Bennett Leasing to Pursue 5 Thrifts Despite State’s Bankruptcy Proposal Larry Goldsmith of the state’s Economic Business Retention Department and Mushroom King Inc president and owner Vaughn Paul who “went to bat” for the Fillmore operation The mayor said he and Mr Gold- smith presented a three-poipitch by telephone to Mr Paul and an unnamed Citicorp attorney in Winsor Calif just as they were heading into a meeting to discuss the plant’s future The pitch included the plant’s profitability good work force and the economic impact on the community s About 4 pm Monday Mayor said he received a telephone call indicating their efforts had been successful Gil-lin- The mayor said that unless the plant was reopened by Tuesday the loss of the current mushroom harvest could have been $30000 to $40000 The mayor said the city and county had considered the possibility of temporarily taking over the plant The mayor said he is optimistic the plant will continue operation because Citicorp and Mushroom King are still negotiating the loan and local officials have already received inquiries from across the country from possible buyers The mushroom plant with 130 employees has an estimated monthly payroll of $150000 By Steven Oberbeck pervision depositors face the threat of Financial Institutions Tuesday afof a possible deterioration of assets ternoon Tribune Staff Writer George Sutton deputy comheld by the five thrift companies as missioner of the Bennett Leasing Group represendepartment said the time goes on final decision to place the thrifts into tatives said Tuesday they will continThere also is some question as to bankruptcy court has not been made ue efforts to acquire five failed thrift whether the $3 million in Industrial although the move was authorized by and loans but acknowledged the Loan Guaranty Corp funds and the $5 the governor last Friday state's proposal to put the thrifts into "We’re still doing everything we bankruptcy court makes their plan million appropriated by the Utah more uncertain Legislature last November both imSee 6 Column 1 portant capitalization sources for the Larry C Holman an attorney repOlympus State Bank will be availresenting the Bennett Leasing Group able if the thrifts go into the banksaid at an afternoon news conference there are pitfalls to placing the ruptcy court Mr Holman said k the first annual earnNEW YORK (AP) International The Industrial Loan Guaranty thrifts into the bankruptcy court but Business Machines Corp suffering ings declines for the world’s largest he could see no other alternative open Corp was the five thrifts’ private dethrough one of its worst slumps ever computer company since the Depresto the state posit insurance fund that was desion of the 1930s said Tuesday its profits fell 482 perm state the insolvent clared by July The Bennett Group has received in the last three months of 1986 cent The over state the of took last year state support for its plan to take over Adding to the bleakness IBM said while revenue slipped a modest 12 the five thrift companies — Western Herthe five troubled thrifts and merge company “sees no definitive sign percent of demand improvement in its worlditage Interlake Commerce Finanthem into a federally insured state cial Copper State and Charter The profit decline was worse than wide business operations at this chartered bank to be known as Olymhad expected and sewed up time” Utah at the Contacted analysts Bank Department State pus Mr Holman released a copy of the Bennett Plan originally presented to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp Under that plan Olympus Bank proposed to assume a total of 517 percent of the five thrifts’ deposit liabilities The Department of Financial Institutions determined that under the plan depositors would receive 27 percent to 68 percent of their deposits back depending upon the quality of the assets held by the individual thrift companies in which funds were Getting ahead takes more placed Mr Holman said brains More than ambition than But whether Bennett Leasing Group's plan will survive the thrift's More than high hopes and good bankruptcy or emerge in recognizintentions able form is a matter of pure speculaThat's why you should consider tion Mr Holman said suHe said under bankruptcy court VectorOne" mobile phone service B-- Chips Still Down as IBM Profits Plunge - back-to-bac- ffi© (Sfinriire g© and equipment from US WEST For just $9764 a month you can have 3000 today Credit Up front fair plain talking So call Commercial Credit Get the 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