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Show Unemployment rate not budging Utahs jobless rate in last year, they said. "Whether this portends a bottoming of the decline in the unemployment rate is not known. May remained stuck at 5.2 percent and employment officials are unsure of the states near term employment picture. That's how Job Service characterized the employment condition in its monthly "Employment Newsletter. The re- The number of people without work in Utah during May totaled 26,000, down 9.4 percent from the year ago level. But, the report noted "the number of people unemployed has not fallen as rapidly this spring as it did last year. Future economic trends, according to Job Service, seem to indicate an economic slowdown. But officials did not predict what the extent of a slump might be. port noted nonagricultural jobs in May grew 5.7 percent, over their totals in May 1977. For the month, the nonagricultural sector employed 512,000 people. Officials were cautious in their forecast. The jobless rate "has hovered in the 5.1 to 5.3 percent range since August Developers of the Miles Hotel have leased 30 percent of the space. Lenders will be satisfied with 20 to 30 percent more. Still hope for Miles Hotel, but lenders not satisfied yet ooo NEW INDUSTRIAL At last, Proctor & Kimball, a Salt Lake based development firm, is making substantial progress towards renovating the Miles Hotel and converting it to office space. According to partner Dave Kimball, the option to buy the Miles Hotel has been extended, although he would not say for how long. At this time, Kimball pointed out, "We have about 30 percent of the space leased. We need 50 to 60 percent in order to satisfy our lenders. Proctor & Kimball has been involved with the Miles Hotel, 110 W. 300 So., for almost three years. "Weve BUILDING FOR LEASE 20,000 to 80,000 Sq. Ft. CENTENNIAL INDUSTRIAL PARK Occupancy now Rail served 2100 So. location Fire sprinklers Offices to suit Dock high 20 ft. clear Public trans Qfi, an a-bo- ut REALTORS 3626 West 2100 So. Salt Lake City. Utah 84120 Call Dell Nichols (801) 972-240- 0 had an option to buy the property for about 18 months, he said. Now Kimball would like to begin renovation within the next 30 days. "But its more likely going to be two or three months, he conceded. Part of the reason Kimball wants to move as fast as possible is because the property received designation in the National Register of Historic Sites, which means all capital improvements on the building can be written off within the next five years. The renovation plans call for about SI. 9 million, according to Kimball, and will take nearly eight or nine months to complete. When finished, the Miles Hotel will lease a total of 36,000 square feet to commercial clients "We would like a bank and restaurant, comments Kimball and 27,300 square feet as office space. The renovation will involve completely gutting the building, and installing new electrical, mechanical, and plumbing systems. Kimball says the building will be "competitive as far as rentals are concerned. "At this time, were looking at about $7 per square foot for the office space and $6.50 to $7 on commercial space, which includes the janitorial services and membership to our own health spa and racquetball courts. 13 pm 0 1978 DODGE OMNI Room for 5 in a 5-do- or sedan, elegance inside and out and so affordable to lease. per month Lessee pays an initial security deposit of $125 and $95 per month for 36 months or a total of $3420 plus sales tax. Estimated residual value of $2,250 based upon 15,000 miles per year. Kimball says he believes this rate will be well below the prevailing rate of the American Plaza, which he speculated will lease at about $8.50 per square foot, and the New Yorker, which he said leased for about $7.50. The delay in getting the project on stream, according to Kimball, resulted from the lack of timing. First we had financing but needed parking, then we got the parking, but money got tight. Kimball said the city requires the Miles provide 150 parking spaces. He said they have 200 spaces. ssfc. V " ? ' j, ft.'v LEASING SYSTEM SummerGroup UTAH ARTISTS " SVjs WORLD LEASING, INC. DIVISION OF MENLOVE DODGE A 2380 So. Hi way TOYOTA 91 OPEN:Tues,-Fr- i. Bountiful, Ut. , 84010 1W:30P.M (801)295-348- 1 .: -- '444 EAST 2nd SOUTH ": |