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PAKE R - PLAINDKALKK • FHIDAY, JULY If. 1982 ^7 Here And There In Business Mortgage Program Report Bills To Promote Business From State Rep. Dick Klemm Businessmen are in the business of making money, upon which all of us ultimately depend for survival, and so a large part of our work each session is devoted to bills affecting business. This session we confronted a very tight budget, the threat of further economic decline and increasing demands for funds from those who are being hurt by the economic slump. We placed the emphasis for economic growth on pro-business legislation. Illinois, as well as the rest of the nation, is trying to develop policies that will stimulate business growth. To solve the economic problem, Illinois lawmakers enacted several bills beneficial to business. Below, I've summarized a few of these bills* which I thought might be of interest. If the governor signs these bills, they will become law. Enterprise Zones Some of the hardest hit areas economically are cities where neigh­ borhoods have very high unem­ ployment rates. Under an act passed by both houses and sent to the governor, up to eight enterprise zones could be designated each year in the state to help relieve the economy in these areas. They would have to be classified as depressed areas, with high unemployment and little business activity. Once an area has been classified as depressed' it has enterprise zone status, and is eligible for tax in­ centives and governmental controls. With these incentives, private businesses can move into these areas and help revitalize them. Government spends very little for the revitalization, and yet the results can be significant. Employeee Takeovers ' Many times a major company will close a plant and leave the local employees without jobs. This bill helps employees who find themselves in that position by creating a fund to help them take over the plant themselves. Under the bill, loans up to 50 percent of the plant purchase price can be made through a special state fund. An Employee-Owned Enterprise Advisory council is created to assist employees who decide to buy out a plant that is moving or going out of business Workers' Compensation The workers' compensation reforms approved by the General Assembly probably save businesses more money than any other legislation this year. We're confident that savings will be translated into business gorwth, particularly since high workers' comp rates have consistently been listed among the factors that contribute to a poor business climate in Illinois. The reforms of the workers' com­ pensation program came in two phases: the recent settlement of a lawsuit against the insurance com­ panies because the rates charged were too high, and the competitive- pricing bill passed by the General Assembly. The reforms should save employers about $140 million an­ nually. The lawsuit charges that the premiums insurance companies required employers to pay were too high in relation to profits, the com­ panies were making on the premiums. As a result of the recent out-of-court settlement, insurers agreed to lower premiums. That move alone should save employers $80 to 190 million annually. To ensure that the premiums em­ ployers paid for workers' comp stay at a reasonable level, the General Assembly/ passed a bill requiring competitive-pricing of these in­ surance premiums. Currently, premium rates are set by the National Council on Compensation Insurance, of which 249 of the 250 companies selling workers' comp in Illinois are members. Estimates show that employers will save about $50 million when rates are set in a free market situation. Unemployment Insurance We also passed a bill that requires the state, not employers, to pay the interest that accumulates on the state's unemployment insurance debt. Because of high unemployment the state U Unemployment insurance Trust fund has been paying out benefits faster than businesses can pay in. This year, the federal government began charging interest on the money states have borrowed from the • feds to keep the trust fund from going broke • It's not the fault of business that the Vouomay® • ART SIFTS jjfilNAi ahl f.HARAC1 fcHIZ AlTONS ly n (rent f Hf Men, Menl fer • Birthdays • WeMlnys • Promotions • Anniversaries • Rensts Th supply MM pfco®ogmpfcj wa cr--ts the fcw peeked ef ywr ftvtrlh persons). Please include a buel tact sheel about the sublets profession, hubbies, spoils, clothing, etc PLUS FREE MAT FRAME "PERFECT ACCENT TOR ORIGINAL ART" SKND CHICK OR MONEY ORDER TO YOURMM® u P.O BOX 857 CRYSTAL LAKE. ILL. 60014 Debbie Harmer tells: "I LOST 50 LBS. IN 111 DOTS at Nutri/System. I feel better than ever before and have more energy too!" No diet pHls or Injections No stervatlon or hunger Lose under a doctor's supervision Choose delicious, satisfying meals No food decisions Computerised "Welghtmlnder""' guerantee Cad today lor a tree. no-oMgation conn figJWWWWfPffJW!^C*YSTAt. LAKE*4fJ I RTE. 31 nutri system SUITE S'COLIECI Hill °*,**r*li PROFESSIONAL SUIIDING Ovar 500 Canters Nationwide (115)459 *050 (9 om-7pm) (115)459-4400 IIFOR19 am OR AFTER 7 pm current economic slump has in­ creased unemployment, so we felt it would be unfair to charge them for those interest payments. Besides, any additional taxation would only slow business recovery. Once the business sector is stable, unemployment win go down and the payments made by business will be used to lower the principal on the debt. Inheritance Tax This year we effectively abolished the state inheritance tax. Many widows and children are forced to sell s family business or farm after the death of a family member Just to pay the inheritance taxes. We viewed this as an unfair and unnecessary tax. The only tax that remains is that which is allowable as a deduction against the federal inheritance tax. Grain Elevators This bill, which has already been signed by the governor, gives farmers a priority lien to the grain aaaets of elevators and warehouses that declare bankruptcy. Until this bill was enacted, farmers were not assured of a claim on an elevator's grain assets, as banks and other creditors could receive priority, leaving nothing for the farmer. Dr. B.C. Smith Acceptedr By ICA Dr B Carleton Smitfi o< McHetiry has been accepted aft a member of )he Internat ional Chiropractors Association (ICAh » .* * ICA is a professional association of doctors and students of chiropractic that is dedicated to the advancAnent of chiropractic as a recognised' member of health care systems throughout the world. Dr Smith received his Doctor of Chiropractic degree from Palmer College of Chiropractic; Davenport, Iowa Richard A. Lane, vice-presideni in charge of lending at the McHenry State bank, reported the bank's June mortgage program was most suc­ cessful On May 25, the McHenry State bank announced a drastic reduction in mortgage rates for McHenry area owner occupied homes. During June, home mortgages were offered at I2«* percent with a 3 percent service charge and a 90 percent down payment. Lane said the bank was swamped with calls from all over the midwest, with as many as 390 inquiries received in a single day. Many of the callers did not qualify because of location or down payment but three million dollars in new loans were put on the books, with 85 precent being at the 12'4 percent rate. Thomas F. Bolger, president of the 140 million dollar bank, said it ap­ peared the program would be discontinued because the cost of funds to the bank had increased almost 200 basis points in the last month. When the announcement was made the six month Treasury Bill Certificate of Deposit was yielding 11J , percent today it is 13.7 percent. "The program has been a real shot in the arm to the McHenry area real estate business", Bolger said, adding that the bank was reluctant to discontinue the program but when the C.D. rate exceeds the mortgage rate, they have little choice. "We will however, continue to look for ways to stimulate the local economy," Bolger observed. All interest rates are too high, Bolger commented, not just the loan rates but savings and investment rates as well. "Most people do not recognize how damaging high investment rates can be to the economy. Traditionally, rate or return has been commensurate to risk. It is difficult if not impossible, to attract captial for productive ven­ tures when a high rate of return is available with no risk as is the case today with high yielding insured Certificates of Deposit," he con­ cluded. Realtors Record , By Yvonne Beer, Executive Officer, McHenry County Boord of Realtors DAMME STABLA COOLS, ACSW CSW COUNSELING AND PSYCHOTIKIUPY Individual, Couple, Family And Group Therapy i (815) 728-1839 DAYS, EVENINGS AND SATURDAY HOURS 8Y APPOINTMENT YOUR EYE EXAMINATION Should Be Of PROFESSIONAL QUALITY With The Use Of UP-TO-DATE MODERN TECHNOLOGY! N|1 til t 5 (<•> \ tu . >! < t t4 >. WHY PAY MORE FOR 600D FURNITURE? Duy Name Drond Furniture at Less Than Warehouse Prices... SAVE 30-50% ON SOFAS MATTRISSES SIDtOOM SITS IOVCSKATS SLIIPIR SOFAS KITCHINSfTS ' CHAIRS RICIINIRS OCCASIONAL TASIKS ^nu / IV , 4 5 0 / H w y l ? ( > M < H e n r y 3-1.1 5400 Buy now or wait? That's a tough decision for your family to make. But for the first time in years, potential home buyers are getting the green light. Factors like low home prices, large selection, and a continued pent-up demand for housing are putting buyers in the driver's seat. These new reasons, which may not apply later in • the year, combine with the traditional . home buying incentives of equity accumulation, tax benefits,'[Hide of • ownership, and the law of supply and demand which seem certain to • -ennance the homeowner's in* .vestment. The median sales price of an ' existing .home nationally increased only 3.6 percent last year. Reflecting discounts from seller-assisted financing, the net selling prices are now lower than a year ago. These lower home prices mean smaller downpayments for buyers. As the ceonomy improves later in the year, demand for housing could be exceptionally strong, putting upward pressure on home prices. Housing construction also has not kept pace with demand. Apartment vacancies are at historic lows of less than 5 percent. The formation of 20 million new households during this decade will require a minimum of 2 million new housing units be constructed each year to meet demand. Less than half that number were built last year. Also the number of people in the prime home-buying sge group of 25-44 years wiB increase to 31 percent of the population during the decade. This along with the demographic needs of Americans and the pent-up demand resulting from the three-year-long housing depression, points to an in­ creased demand for housing and a supply that may not fill this need. Home prices may never be lower and will continue to be an attractive investment because they provide a necessity - a place to live along with an appealing lifestyle. Even if con­ ventional interest rates drop, buyers will flood the home buying market, driving prices up. Timing a home purchase is critical to taking ad­ vantage of the low prices available now. While the supply may be at a peak for the year, the condition also is improved. Sellers are fixing up as never before. Remodeling that nor- I mally would have been considered r buyer's expenses, like new carpeting, painting, even major construction like finishing a basement or installing a Fireplace now are becoming sellers' necessities to make homes more marketable. Some sellers also are assisting buyers with mortgages. When you consider lower mortgage interest rates available through people-to-people financing, the savvy nome buyer should see today's buyer's market as an excellent time to beat the competition at prices and terms that couldn't be better. Insurance Kams Manager Of Territory McHenry resident, Harry A. Karns, 1506 Arabian Spor., has been promoted to life territory manager for Combined Insurance Company of America. Keith Kischer, sales director for Illinois, announced that Karns will supervise a group of representatives servicing the needs of Combined's life policyholders. Karns first became associated with Combined as a sales representative. He is also a member and award winner in the W. Clement Stone In­ ternational Sales Achievement club. The honorary club is named after the company's founder and board chairman. Marketing Rosemary Veeck Named Manager The promotion of Rosemary Veeck to marketing administration manager has been announced in Spring Grove by Intermatic Inc., manufacturer of automatic timers, heaters and out­ door lighting. Mrs. Veeck, who has been in the company's marketing department for five years, will be responsible for marketing forecast, new product schedules, original equipment manufacturers (OEM) orders and shipments and other department functions. She was graduated from Northern Illinois university at DeKalb with a B.S. degree in Business Education. DR. ROBERT BROWN la shown with a patient at the computer assisted infra-red acann- ing device, which la used to determine the patient's prescription in one and a half seconds without the patient's response. This modern day equipment is especially Important in the examination of children, the elderly, exceptional children and those Incapable of com­ municating. SPECIAL SOFT LENS OFFER NEW EXTENDED WEAR SOFT LENSES Regularly $300 to $500 NOW ONLY... $145o°* /Does not include eye examination or lens care kit. COME IN FOR A FREE TRIAL We offer FREE TRIAL of other Contact Lenses Also \1on MM. I iirs H/, Wrd M I l i m s B/. h i MVS.i t l i \ . ippointmrnl •pdADav •St The Dells On %H00VER| HOOVER. Convertible Upright Special • All-steel agitator • Big disposable bag • 4-on-the-floor carpet shift • Full time edge-cleaning Model U4127 Vacuum Pdtked ^3 PORTAPOWER" VACUUM CLEANER) • Compact PoMabta Light wweta'IIV Ion* t *tda 10 V. twth • Fits on i itood • FuN 040# cantata* powa> • 3 way Mtarad a* oyotam • too* to ampty duet bag • Compiata <w<«h loot* and aatra long cotd TOTAL HARDWARE GoaSttoGoaSt Sol# Good McHanry Morkat Ploca 385-6655 July 14-July 20 Editor̂ Quota Book Mschincs are benefi­ cial to the degree that they eliminate the need for labor, harmful to the degree that they elimin­ ate the need for skill. --W.H.Auden HOW TO SUBSCRIBE TO THE The McHenry Plolndeoler 3812 W. Elm Street McHenry. II. 60050 3 YEARS • $40.00 2 YEARS - $29.50 1 YEAR $16.50 4 MONTHS • $e.50 PAYMENT ENCLOSEO Nome Address ci ty . ! ! ! ! ! ! ! ! ! ! ! ! ! Prices good in McHenry County I