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Show page 10b The Enterprise Review , June 23, 1976 City Approves Redevelopment Plans . City commissioners have given final approval to plans of the Redevelopment Agency to spend property tax dollars generated by downtown businesses to spruce up the downtown environment. After a public hearing held last week, commissioners approved plans to repave Second West between South Temple and 500 South. Initiation of this project, pending removal of the railroad tracks currently running down the center of the street, hinges on action by the Public Service Commission. hearing before the commission has been scheduled for July 19 to consider a request from Denver & Rio Grande Railroad to remove the tracks. City engineers have estimated work on the road, once tracks removal has been approved, would take about' 60 A days. The commissioners also approved plans to help property owners pay for improving Regent Street, the north side of Second South, Orpheum Street and Plum Alley. The improvement, designed by Donald A. Panushka, includes landscaping plans and sidewalk design that integrates the block (between First and Second South and Main and State) with the brick paving along First between Main and State. Redevelopment Agency director Mike Chitwood propos ed spending $1 00,000 to replace sidewalks along State Street, Second and Third South, but commissioners said this project should be post poned until a master sidewalk plan has been approved. The Downtown Council, a group of representatives from downtown businesses, has appointed a group to choose a planner to propose such a master plan for downtown sidewalks. But the group has not yet met. The cost of replacing the sidewalks downtown would be shared by the agency and property owners, Chitwood said. Chitwood estimated the Second West project would cost $275,000; the Regent Street project would cost the agency $135,000. He said the agency expects to receive $8,442,020 in tax increment funds in the next fiscal year. The tax increment system, approved by the Utah Supreme Court in July, 1975, permits the city to use property tax revenues to pay the cost of redevelopment. The downtown area has been named a redevelopment area by the city. The system is based on the theory that as improvements are made, the value of the area increases, resulting in greater tax revenue from the same property without increasing the rate of tax levy. Salt Lake Business and Politics Grapple We may hold hearings, group of businesspeople have taken on the job of and we may want to hire a deciding if and how Salt Lake consultant to help us, Cooke City government should be said. It is difficult for business-peopl- e improved. The City and County to analyze government, Government and Government Cooke added, because govModernization Committees of ernment is a service, not a the Chamber of Commerce are business. It isnt run on the combining forces to study the profit principle. But business expertise, question, according to Peter Cooke of the Chamber. resources and intelligence will The city commission has be helpful in the analysis, he asked the Chamber to study continued. We want to end the government and present up with facts, not platitudes," findings to the commission. Cooke said. A New Corps. continued from page 7b E. 100 S., Suite 201, Provo, Ut. 84601, DIR: Richard R. Harrington, 22134 N. 200 E., Provo, Ut. 84601; David G. Holmberg, 2060 E. Michigan Ave., SLC, Ut. 84108; Ted C. Holmberg, 6284 S. 300 E., SLC, Ut. 84107. To engage in the business of real estate 731-R.CeId- on Lewis, A Pro- fessional Corporation, 1275 N. University Ave., No. 12, Provo, Ut. 8460), DIR: R. Celdon Lewis, D.D.S. In the business to rendor professional services performed by den- tists. Construction Inc., 637 E. 950 S., Cntrvle, Ut. investment and management. 84014, DIR: Roland A. Trump, Enterprises 637 E. 940 S., Cntrvle, Ut. 3986 Mt. OlymCorporation, 84014; Susan B. Trump, same pus Wy., Ho., Ut. 84117, DIR: add.; Lynn R. Cook, 648 S. Timothy J. OReilly, 3986 Mt. Island View Dr., Cntrvle, Ut. Olympus Wy., Holiday, Ut. 84014. To engage in a general 84117; Diane O'Reilly, same business as a general conadd.; Phillip J. Kapplan, 440' tractor. S. 7th E., SLC, Ut. 84102. To it Resources, Inc., deal in its corporation securRural Rt. Box 267, Alpine Ut. continued on page 12b ities or stock. 067-730-Sing- 732-Trum- er 733-Summ- p Delinquent Loans Lowest in Utah Utahs rate of mortgage highes rate of foreclosures ments. In Utah 1.62 percent loans past due has been reported by the Mortgage Bankers Association to be among the lowest in the nation. The report also stated that the proportion of mortgage loans being foreclosed nationwide fell to its lowest level in five years. (1.34 percent) and West Virginia and Wyoming experienced ' the lowest rate (.03 percent). The national average was .38 percent. Utah handled .8 percent of the loans serviced in the country. In Utah, as well as the According to a National nation, lenders servicing conDelinquency Survey prepared ventional loans handled the by the Mortgage Bankers smallest number of late pay Association of America, the improvement in mortgage loan installment payments was due to strong increases in employment and income. The survey included information about mortgage loans for the first quarter of 1976. In Utah, during the first quarter, 2.37 percent of all mortgage loans were past due, compared to the national average of 4.05 percent. Puerto Rico experienced the highest percentage of past due payments (7.14 percent). Kansas experienced the lowest rate (2.20 percent). Utah also experienced among the fewest number of foreclosures on mortgage loans. At the end of the first quarter .05. percent of mortgage loans in Utah were -- foreclosed. Illinois experienced the of conventional loans serviced were delinquent during the first quarter. The national 2.68 was average percent. The worst performance was experienced with F.H.A. 235 and 237 loans. The average delinquency rate in the nation on this type of loan was 10.89 percent. In Utah that rate was 5.45 percent. FNMA Committments Bring Lower Yields Yields declined as the National Mortgage Association issued $169.1 milh lion in commit- (91.66). ments to purchase both and conventionally financed home mortgages. The corporation issued $98.8 million in commitments In the conventional auction yesterday, FNMA issued h $70.3 million in Federal four-mont- on government-backe- d mort- gages at an average yield of 9.136, which converts to an average price of 95.60 for 8a FHAVA mortgages. (The average in the previous auction was 9.201.) The range of accepted bids yesterday was 9.086 (95.94) to 9.742 FNMA received 224 FHAVA bids totaling $146.6 million and accepted 199 bids, including 146 noncompetitive. four-mont- commitments at an average yield of 9.304, down .from 9.309 on June 1. The range of accepted bids was from 9.250 to 9.500. FNMA received 145 conventional bids totaling $77.3 million and accepted 135 bids, including 79 noncompetitive. The next auction will be June 28, 1976. |