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Show the Utah .ENTERPRISE Ziniks settle with Crossroads X ..y Richards St. now only holdout Developers of the proposed $65 million Crossroads Plaza downtown have finally reached agreement with all & the private property owners iv on the site and now are trying to convince Salt Lake City officials to part with a right of way through the middle of their project for a nominal $10 V-- through one of its corpora- a year. tions.) which has been acquiring properties there since at least 1974. Crossroads Plaza Associates, the project developer, will lease the land from the Church through Zions Securities Corporation. Crossroads has also made lease arrangements with the remaining private owners. In a letter to the Salt Lake City commission, Sidney W. Foulger of Crossroads requested the nominal rental of Richards Street, which runs north and south through the middle of the block, for a period of time equal to that of other leases on the site: a base with three options for renewal. Foulger listed four reasons justifying the nominal fee: The total development is being financed through private funding, including the parking. Other developments in the city had required subsidies through public development of parking, street improvements, and land acquisi- Verner and Sadye Zinik, owners of a building at 50 S. Main, were the last holdouts on the seven-acr- e site bounded by Main Street, First South, West Temple, and South Temple. Most of the land is owned by the LDS Church (either by itself or 10-ye- ar 60-ye- ar tion power even though it cost Crossroads more. (The propriety and legality of condemnation by Redevelopment had been the subject of a great deal of argument since the proposal was announced last summer. The Ziniks were the last to hold out despite the condemnation threat and if agreement had not been reached on their terms, lengthy and costly litigation could have resulted. The development will result in a significant increase in property values and will be one of the largest generators of tax increment funds in the city. The economics of such a development are marginal if the quality is to be maintained and any significant increase in capital costs beyond those already committed could place the project in jeop- First Security Bank led all Salt Lake County mortgage lenders with $19,950,000 in loans for the month of October. Prudential Federal Savings trailed a distant second with $9,919,300 and Western Mortgage came in third with $8,809,700, according to data compiled by Security Title ardy. The request was referred by city commissioners to the city engineer and city attorney for study and recommendation. Plans for the Plaza include construction of office building, a retail mall, 20-sto- and a race. 2,500-ca- r ry parking ter- Company. (See chart.) The average FHA, VA, and conventional loan in the county during October was $31,221; $39,460; and $42,371 respectively. A total of 2,713 trust deeds and mortgages were recorded in Salt Lake County last month. Security Title said. Top 10 lenders in Salt Lake County for October reached Developers agreement with private on the site without resorting to the city Redevelopment Agencys condemna SALT LAKE INTERNATIONAL CENTER 10 First Security leads in October mortgage loans tion. land-owne- 4n First Security Bank 2) Prudential Federal Savings 3) Western Mortgage 4) American Savings 1) rs I 5) Valley Bank 6) Western Savings 7) Zions First National 8) Deseret Federal 9) Tracy Mortgage 10) United Savings $19,950,800 $9,919,300 $8,809,700 $6,819,700 $5,392,200 $4,803,900 $4,963,300 $4,043,500 $4,875,400 $3,833,500 1 Any Paper copier. fi i . ... ,jr SF-72- 0 OWN YOUR OFFICE AND WAREHOUSE llm those ted of teal esrote leose payments into equity and enjoy the benefits Salt Lake Ciry, Uroh 84103 (801) 521-064- 7. but thor. hove to be dull and Eothott Ousiness Centet is anything accented and wood loking o populot West Coast design. the textured conaete ond low momtenonce. exteriors combine the best features of attractive design YoworkSmenutoesn't Xiom WthbuiltSngslonging from 6.325 to 10.368 square feet, Eorhort BusinessCmeris Ideolfor small office space, u innnrt eprvices who don't wont to lose our on individualized truck access, ond convenient abundant skylights, landscoping, overhead warehouse doors, ample parking. 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