Article Title |
ARA to Okay Loan of $1,810,000 for Ski Lift, Golf Course, Center |
Type |
article |
Date |
1962-05-31 |
Paper |
Summit County Bee and Park Record |
Page |
1 |
OCR Text |
Show ARA ABA To Okay Loan of for Ski Lift Golf Cours Course 1 Center A 1 revised application will wUl be submitted to the Area Redevelopment Redevelop Redevelop- mont ment Administration for tor the recreation ra re creation development proposed by United Park City Mines Mine Co Company Company Com Com- pany for tor Summit County Senator Frank E Moss Utah D announced an announced flounced Wednesday Moss said the new program will cost approximately 18 million and will be limited to construction tion lion of ot the ekl tiki lift an activity center a golf course and some flome smaller These facts were developed at ata ata ata a conference with Harold W W. Williams Wil Wll Williams liams Iiams Assistant Administrator for Area Operation ARA AM held eld Wednesday In Washington S S. K Droubay Vice President and General Gen Gon- eral Manager of United Park City Mines Company attended 1 as M dida did dida a representative of Senator Moss officials of the Small Business Administration Administration Ad Ad- ministration and other ARA per per- sonnet Moss said the officials of the theARA theARA theARA affirmative ARA have a n very attitude toward the project And be he said Cost of Program ARA officials are convinced that Summit County is entitled to assistance and they are convinced that the proposed recreation program program program pro pro- gram is feasible The only question question ques ques- tion is Ia on the size program that can be presently financed Ad Ail originally originally ori ori- presented the total cost was in excess of 3 million Under the new proposal the legal maximum that could be provided provided pro pro- vided from Federal funds la 1 1 This cannot tie oe Je definitely committed until l local car matching funds are pledged Of the balance blance would come from the loc loc- local local local al community from nongovernmental nongovernmental nongovernmental non governmental sources So and from the sponsoring company in this case the United Park City Mines Minoo Company Senator Moss Moes emphasized that the United Park City Mines Company Company Com Corn pany any is not going out orthe mining min ing log business It II is seeking a win win- ter summer recreation operation to supplement Income from its mining operations Senator Senat r Moss said the revised application will be considered by ARAs ARA's financial department after which Ich it win will be submitted to the Small Business Administration f for fora r ra a legally required review of the local financing arrangements The Senator said sald he had ad been assured by the ARA that the application ap will be processed as aa ex ex- f as possible By Robert Tribune Business Editor If a federal agency approves a aloan aloan aloan loan for tor dollar multimillion doltar development development development dev dev- of recreational pOtentIAls potentials potentials poten pOten- in Park City area this cum um- cummer aum- aum bier mer mer such a complex will be operative by 1961 it was announced ed Tuesday of or last week S. S K Droubay vice president anI and general manager of United Park City Mines Co sal said J that the e Area Redevelopment Agency was prepared to approve prove a loan to the thele d mining But In doing so it had reduced the amount it would lend and changed some of the ler terms of the company proposal he said ald sald lie He left after an annual stockholders stock stockholders stockholders holders meeting of the mining firm here for Washington DC D.C. where discussions on the loan will continue continuo this week with ARA of of- Utah's UtAh congressional delegation delegation dele dele- gation gatlon is supporting the proposal proposal proposal pro pro- Mr Droubay said Mr Droubay emphasized that it Is a loan we are seeking not nota nota a a gift And he be asserted 1 that the ARA AM program for tor Park City must Ibe be e considered In terms terme of ot what government government government gov gov- policy has hM done to to t the e historic mining area He tIe said the mining company regarded the loan as a n means of keeping operations going for another 10 years for within that span ot of time it may very well develop that these mining properties properties prop prop- ertl will be of great value to stockholders the state of Utah and the United Stat States Mr Droubay said Bald that Buffered suffered suf sut a loss of after afler depreciation depreciation de de- depreciation of in 1961 In Inthe Inthe Inthe the first quarter of 1962 the firm had profits of Metal Prices at 15 Year Low Metal prices are now at ata a 15 year low and world supply over of lead and zinc plus low cost foreign Imports have depressed j i prices and have ca caused sed most moot of ot our western states state I zinc lead-zinc mines I to close close he said Bald Our ability to make money these past few tew months Is due to streamlining company operations and turning marginal areas of our ourore ourore ourore ore bodies over to individual block leasers he said This together with selling mine surface dumps as flux flax material material material mate mate- rial to the Garfield smelter of Copper Corporation plus government assistance on on two small development projects has lias made It 1 possible to earn a modest amount of money at present pre pre- sent sent he This Thib type of operation will tide u-s u us over satisfactorily for a period of months or perhaps a year year- or longer he told share share- holders But It is not a healthy situation since maintenance of underground and surface facilities must be reduced and ore ore reserves are not expanded at a desirable rate rale Tariff Program Apparently Shelved He said that it appeared the import tariff program of ot the Emergency Emergency Em Em- f Zinc Lead Committee had been shelved for this session of or Congress The small mines subsidy subsidy subsidy sub sub- sidy bill bui will mean little to he lie added Meanwhile the pro proposed p 0 sed Trades Expansion Act of 1962 HR if it enacted In its present present present pre pre- sent form will wUl further reduce tariff rates ratH on practically all im Im- ports This will affect lead and zinc prices further unless M special provisions are enacted which are are promised for industries needing special J consideration he said The recreational program in in- in in development of acres of ot lands owned by around Park City will afford an important diversification and will win help elp the company out until the present over supply situation of lead and zinc has as been abated Mr Droubay said has been successful In getting getting- Summit County declared an area available for ARA loans lOaM and and In In Its original proposal the mining firm programmed a 3 3 project Of this amount was represented by a contribution of ot land toward theARA the theARA ARA AflA plan The remaining spend Ing tug would come to ARA AItA Limits Loan to ARA lends up to 65 per cent of the total cost ot of such programs pro grams grame on basis of a year 25 loan loaa bearing 4 per cent Interest Und Under r this plan ARAs ARA's RA contribution in in lending would come to on basis baals of a proposal proposal- However the agency recently advised the mining firm that it would make a contribution of ot only an and asked aked the he firm to lo obtain other funds from private sources su such 1 as- as Insurance s' s com corn companies or take tak i partners The rhe loan term erm also was e ed Richard Ichard Street recreational expert ex pert lien employed by bT in pushing push trig ing the development program outlined plans for tor a gondola rondola to the Wasatch Mountain l from Park qty City underground tram trips tripe for tor tourists to elding goring coifing and other recreational 41 facilities which would be constructed |
Reference URL |
https://newspapers.lib.utah.edu/ark:/87278/s60c5z9t/8094869 |