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Show 17 THE NATIONAL ENTERPRISE, SEPTEMBER 21, 1977 Developers miss payment, but may not have to default Developers Keith Lignell and Burton Todd were down but not out last week as they missed a payment deadline for five acres of downtown land they hope to buy from the for the property along West Temple between Second and Third South. Financing for that pur- chase and their proposed $39 million Agency. Redevelopment tcl complex which had been expected from First Security State Bank, dried up after the announcement of plans for the $65 million Crossroads Plaza to be built a block and a half away. They actually have 30 days to cure their default and avert losing a $250,000 down payment. Salt Lake City commissioners approved a notice of default to be sent to the developers after they failed to pay th' 'vmaining $2.25 million owed on their contract Salt Lake Redevelopment Agency executive director Weve Opened A New Home On The Freeway SALES 566-244- 1 Todd and Lignell had missed their Monday deadline for payment, their contract called for a period in which a default could be cured. Thus, he said, it was important to formally notify them of the default in order to start the y countdown. 30-da- y 30-da- During that grace time, the developers can either make the payment or present legal arguments as to why they shouldnt have to. Chitwood also told commissioners that even though First Security has rejected Todd and Lignclls loan application, the developers had managed to Law to halt congestion for guarantors amounts above and beyond the value of the land. Chitwood told the Enterprise last week that he expected Todd and Lignell to get the money sometime during the 30 days. The developers are expected to send the city a letter next week explaining the reasons for not yet making the payment and possibly arguing that their down payment ought to be returned if they end up not paying for the NEW FREEWAY LOCATION IN SANDY 90th South commission that although obtain Your Butterfield Ford Family, with over 40 years in the Ford business, has opened a brand new home to give you better service. Come out and visit with the personable people at Salt Lake Countys oldest Ford dealer. A.L. Butterfield, vice president; Elias C. Butterfield, president; Roger Butterfield, used car sales manager and Brent E. Butterfield, new car sales manager (pictured above left to right) extend a welcome. & Mike Chitwood informed the 15 SERVICE Salt Lake City commissioners moved last week to eliminate street parking congestion such as this on the citys narrow streets . A new ordinance requires developers of dwellings meant to house more than two families on a street measuring less than SO feet wide and having less than 30 feet of paved driving area to show there will be no adverse effect on parking , travel or access of vehicles. Traffic and safety impacts will be determined by ther city planning director and traffic engineer. ment Agency for not informing them of the Crossroads proposals. land. But city officials have countered that they didnt know of Crossroads prior to contracting with Todd and Todd and Lignell have contended their plight was the fault of the Redevelop SPECIAL Mimeo, Duplicator, for DAILY WHITE BOND Xerography 20 Be on the lookout UNADVERTISED SPECIALS Sale Regular $3.80 m 8V?"x 11" $3.50m $4.50m $4.82m 8'?''x 14" Price per 1000 MOISTRITE COLOR BOND ENVELOPES 24 24 Regular White-wov- e Size Regular No. 6 $5 64 m No 9 $7.44 m No 10 $7.38 m Window White-wov- Size Regular No 6 $6 94 ' m No 9 $8 64 m No 10 $8 68 m Sale $5.44m 120 $7.24m $7.18m e Sale 5.40 m Regular 8V'x Price per 1000 ,90 m 14 Price per 1000 Sale $6.74m $8.44m PRICES EFFECTIVE Sept. 19th thru Sept. 30th $8.48111 A Don Mimeo, Duplicator Price per 1000 Cash-and-Car- ry Center Serve-Yourse- lf where you pay less-than-ret- prices daily. ail DIXON PAPER CENTER and the developers should have realized there was a risk of competing deLignell velopments appearing. The city had needed the $2.25 million to repay a debt owed to the federal government by Sept. 18. That debt now will be refinanced. Federal aid sought for impact study Salt Lake City has applied for a $75,000 grant from the federal government to study economic impacts of development. The study would last approximately a year and be financed by the Economic Development Administration if the grant comes through, along with $25,000 from city Community Development funds. The study would be designed to facilitate planning by the city for development most conducive to the environment and services of Salt Lake City and possibly increase employment and income. The information complied might also be used to develop an economic master plan for the city. The study is likely to examine potential impacts of c foreign plans for a trade zone next to the airport c to be supported by a business and industrial park in,400-aer- c and another dustrial park supported by a c housing project west of the airport. The former project is expected to create approximately 2,200 jobs. 33-acr- SE 720-acr- 1519 South 700 West Salt Lake City, Utah 841 04 Phone (801) -- 1 480-acr- 973-681- 0 |