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Show The Enterprise Review , November 10t 1976 Page 9b first advertising Tax Incentives, agency wants you. Penalties Afforded Property Owners Utahns We are interested in acquiring growth-oriente- in accounts d the following fields: Appliance Distributor Dairy Department Store A decision made by the Governors Historic Sites Drug Chain Furniture Retailer Committee may financially impact property owners in the South Temple Historic Furniture Manufacturer District. H Tastreutl drain National Hotel Chain Public Utility Radio f Television Station City Hotel their property, Soft Drink Bottler Sporting Goods Retail Chain Tourist Attraction your type of business listed above we'd like to talk to you. Soon. Please write or call Steve Aldous Gillham Advertising, Inc., 15 East 1st South, Salt Lake City, Utah 84111 328-028- Eligible for Funds 1 and tax . ar addition to being eligible for substantial tax incentives, owners of buildings listed on the National Register are also eligible for 50-5- 0 matching funds from the federal government. In the past the amount of money available for these grants has been limited. But, during Congress last session, they voted to increase the total amount In penalties for demolishing property to build new structures.' Also, they would be eligible for matching grants to offset the cost of restoring buildings. According to Allen Roberts of the Utah State Historical Society, the newly effective Tax Reform Act of 1976 reversed the tax laws of the past applying to property of historical significance. Instead of rewarding owners for demolishing old buildings, it rewards them for rehabilitating them. Any capital improvement over $5,000 can be depreciated over a five-yeperiod under the new law, Roberts said. But an owner who demolishes a historical site to build a new commercial structure would have to take a straight-lin- e depreciation instead of writing it off quickly, he added. If, for instance, owners spend $6 million to rehabilitate a historical building, they could write off more than $1 million a year in depreciation for five years. Shopping Mall Ski Resort is iation allowance for a commercial structure. They would have to amortize the depreciation over the actual life of the structure. week decided to nominate the District to the National Register of Historic Places. If the nomination is accepted. owners of property along South Temple between 3rd Avenue and Virginia Street would be eligible for tax incentives for preserving Industrial Product Distributor Moving and Storage Company If the traditional rapid deprec- The Committee last Grocery Chain Industrial Product Manufacturer Salt Lake But, if the owners demolish the property to construct a new' commercial building, they could not take L I't.R Stull Phttiu Revisions of the Tax Reform Act of 1976 alternatively penalize and reward property owners who either destroy or improve their real estate in a national historic district . available from $24.4 million this year to $150 million by 1981. have to prove why it should be demolished before the The government realizes preservation is a valid Salt Lake Landmarks Commission. And, if a project funded by the federal government w'ould cause a historical site to be razed, an environmental impact study and other reports would have to be submitted to govern- use of public funds, Roberts said, and is changing the economy of preserv- Utahs share ing buildings. of the national fund should jump from the current $240,000 to $1.5 million by ment agencies before the demolition process could 1980, he estimated. begin. In addition to the finanDuring its meeting last cial advantages and penal- Wednesday, the Governors ties of having property listed Committee nominated four on the National Register, districts and six sites to the owners are subject to gov- National Register. Most of ernment agency review be- the sites were outside the Salt Lake area. Roberts fore demolishing property. An owner wishing to demolexpressed optimism the apish property in a historic district in Salt Lake would The Labor Market Indicator continues to hover at a low level, moving upward only .7 of a point to 51.0 from last week's 50.3. A bal- anced labor market is indicated by 65.0. Seasonally Adjusted Labor Market Indicator Nov. 5, 1976 Utah . " 109 1016 1022 115 Week Ending plications w'ould be Enjoy Popularity , High Sales Motel-on-Whee-ls now offers its rural setting two additional days each week. Enjoy French cuisine Wednesday through Saturday Brunch on Sunday and a Basque style dinner Sunday evenings Phone 942-175- 1 for reservations. Continued From Page 7b Rawson and Lund in Ogden has received 13 vans for its first year with Santana. Both dealerships report a high rate of sales. Prospective buyers of the novel vans can expect to pay from $8,000 to over $13,000 for the new hot rods depending on what extras they elect. Likely features include a propane stove, refrigerator or ice box, shag carpet (even on the walls and ceiling), sunroof, stereo system, a small bed and a mirrored ceiling. Bill Bolt, sales manager for Fleetwood, (the worlds largest manufacturer of recreational vehicles), said the companys Santana division plans to build 2,500 special vans this year and several hundred more in 1977 to keep up with national demand. Bolt said that van sales have doubled since the Santana division began production in 1974. Santana buys stripped bodies and chasis from Ford, Dodge and Chevrolet motor companies and adds about $3,000 worth of elaborate extras before sending them to licensed dealers. Whats even better than the sales figures. Bolt said, is the fact that Santana has very little competition for the ever increasing national market. We can only turn out about 50 vans per week and were usually sold out at least four months in advance," he said. We are very pleased with the trend the van industry is taking. We expect it will continue and we dont see a peak in many parts of the country for years to come. The popularity of the vans has also been a boon to the local "customizer. Wally Pueblo, owner manager of Artistic Vans, Salt Lake City, said his business has doubled from $30,000 in volume through the first nine months last year to approximately $60,000 for the same period in 1976. The local customizer of street vans said that more people are drawn to the van market because of the practicality offered by the machines. The van market is growing rapidly in Salt Lake. he said, because people have caught on to the spaciousness and convenience offered by vans. I look for the van to take over much of the station wagon and pickup market. |