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Show The Enterprise Review, July 28, 1976 Page 10b Negotiations End in New Contract for Workers The newly formed Utah Steel Erectors and Reinforcing Bar Association has negotiated a contract with local ironworkers, settling on an increase this year of 90 cents an hour in two steps, and an additional 80 cents an hour next July. The two-yecontract is the first negotiated by the new contractors union. It replaces negotiations conducted in past years by the Associated Gen ar eral Contractors. Nine out of a potential 150 iron contractors are members of the union. We are the bargaining agent for the entire steel construction industry, said Tom Clayburn, founder of the union. He began forming the group in February, 1976. The new contract calls for an immediate wrage increase of 60 cents an hour and a 30 cent increase in October. Development of Sandy .Industrial Park Underway acres in Sandy are being developed as Sandy Park by Keslcr o Twenty-tw- Company. According to Dene president, the park consist of office and storage space. He is presently Kesler, constructing about 1080 feet of office and space valued at Located at 9449 South 500 West, the park will also elude 22 storage garages, 12 x 22 feet, that will be rented to the general public. Kesler began his con-wistruction business in 1945, and during the past five years has turned toward develop-squar- e ment in addition to construc-warehous- c ll Investment Summary Chuck Akerlow Although the commercial prime rate has decreased in past months, it does not appear that mortgage interest rates in the shopping center industry have followed suit. At first glance, it may appear that shopping centers have lost their glamor as investment opportunities. However, it is my view that shopping centers remain as good an investment opportunity as exists today. There is no question, however, that the future growth of the shopping center industry will be moderate. Department stores, which are the traditional anchor for shopping centers, are not expanding at the rate we knew in the 1960s and the first three years of the 1970s. I doubt we will see that sort of and shoe chains to take less space in smaller malls than growth again. Although department they have been taking in the stores seem ambivalent, one large regionals. Also look for more Trolley should not conclude that the shopping center industry is Square type developments. With downtown land at a not a retrenching situation. Current construction figures premium, it appears that indicate that there is much many projects will be built in vitality in the shopping center existing buildings or a s a industry. I doubt anyone will redevelopment project in the see very many regional shopp- heart of the population. The ing centers on the order of old Brick Yard project being 1,000,000 square feet during developed by Brent Dyer and the next dive years. Instead I his associates at 3300 South expect most large projects will and 1300 East, is an example be in the range of 500,000 of a new project in a trade area. square feet with room to In short, the shopping expand at a later time. 1 also expect to see smaller enclosed center industry will concenmalls in the range of 200,000 trate on smaller, more efficto 500,000 square feet which ient centers as well as the will feature smaller shops. renovation of existing centers Look for your national clothing and stores. well-establish- tion. $234,000. t MORTGAGE RATES FIIA 8.5 Financial Summary ' W VA 8.5 Patrick J. Vaculin What local mortgage bankers must do is to convince realtors and homebuyers (and themselves) of the advantages of high ratio, long-terfixed rate conventional mortgage. Borrowers are aware of inflation, so if lenders can get borrowers to deduct what they think is the inflation rate from the interest rate quoted, conventional high ratio mortgage loans will appear very attractive. We in the industry know that the era of low interest home loans is gone; but well meaning, poorly informed press and consumer groups continue to talk of the high costs of home loans. The public has, to a large extent, accepted this premise because we have not answered the We know that challenge. buying a home is a good We know the investment. story, but we just have not told m, by Patrick J. Vaculin We must get back to basics. New homes must be built to meet buyer demand in fight of the fact that the , number of institutions invest- ing in mortgages and the amount of money available for home loans has declined in the face of intense competition for available funds. In times such as these, the marginal busi- ness witnessed locally cannot survive. Tomorrow will not be better unless you have the loans and can provide your customers and prospects with the fastest service. Fr Ike future, we must scc federal and state law regulatory changes that will niake the conventional, resi-bedential mortgage an attractive investment for institutional investors and borrowers. st These rates were obtained by telephone conversation with the above institutions. The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. . ed |