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SECTION 1 • PAGE » • PLAINDEALER WEDNESDAY. JULY II, 1«M Business Chroma Corporation begins rebuilding 1 W. t McHenry Mayor Joseph Stanek (left) and Chroma owner Robert Swain wield shovels at recent groundbreaking ceremonies. By Anthony Oliver Plaindealer staff writer The McHenry area was in danger of losing a major business, but some creative financing, help from local legislators and state officials made it possible for Chroma Corporation to remain in McHenry. , Corporate, state and local officials gathered recently to attend the groundbreaking at the site of the reconstruction in Tonyan Industrial Park, on McHenry's south side. In one of the largest fires in the last few years, the manufacturing section of the plant was destroyed Jan. 12. In the end, the corporate offices were saved. Hie manufacturing portion of the operation was moved out to Lakemoor, on Wegner Road. Prior to the blaze, Chroma Corporation had approached the McHenry City Council to request $1 million in industrial revenue bonds (IRBs) in order to expand the McHenry facility. Following the conflagration, the company changed the request to $2.6 million in order to rebuild. Mindful of the pending "Rostenkowski bill," which would limit the city's bonding, authority to about $1 million per year, the corporation arranged financing to cover whatever amount would not be paid for by IRBs. With this in mind, the city council issued the bonds and the groundbreaking was the next step in the procedure. Corporate decisions on whether to stay and expand, or move, are often predicated on services others take for granted. One of those services is fire protection. One of the foremost con­ siderations in the decision of both Chroma Corporation and another large business, Lenco Electronics, to remain in Tonyan Industrial Park, was the recent news of a grant approval for a half-million gallon water tower in the parte. The $400,000 grant recently approved by the Illinois Department of Commerce and Community Affairs (DCCA) The participants in the groundbreaking ceremony included Robert Swain, owner of Chroma Corporation; Joseph Stanek, mayor; A1 Moltrum, DCCA; William Bolger, McHenry EDC: John Bobbe, grant author; M. David Cain, CPA; William Ewald, architect; Glenn Peterson, fire chief; A1 Jourdan, auditor; and Robert T o n y a n , b u i l d e r . SPLASH YOUR BATH! SAVE ON JCPENNEY TOWELS AND COLOR-CUED MATCH-UPS! OUR SUPER WHITE SALE CONTINUES WITH GREAT SAVINGS ON COMFORTERS, BEDSPREADS, SHEETS, PILLOWS, TOWELS, BLANKETS AND MORE. HURRY, SALE ENDS SATURDAY, JULY 21 STf JCPENNEY TOWEL. Sale 4.99 A RAINBOW OF COLORS . . . • OCEAN BLUE • VANILLA • WINE • MEDIUM COFFEE • PALE BLUE • MEDIUM CINNAMON • PALE PINK • DARK CINNAMON • DARK TOAST • LIGHTGINGER. . . (Check the JCPenney Catalog tor even more luscious shades) Reg. $8. What a price1 What a towel1 The JCPenney Towel is nearly a pound of soft cotton/polyester terry Reg Sale Hand towel 5.50 4.49 Washcloth or fingertip 2 75 2.29 Bathtub mat 10.00 8.99 FOR THE BATH. 20% off Sale 23.20 7.20 4.40 28.OO 11.20 9 60 20.OO 9.99 Reg Shower curtain with liner 29 00 Oblongorcontourbathmat 9 00 Lid cover 5 50 Upright hamper 35 00 Wastebasket 14 00 Tissue bo* 12 00 2 shelt wall unit or scale 25 00 Soft vinyl toliet seat 15 00 ACCESSORIES ,20%off Solid color bath accents in glossy, high grade plastic. Reg. Sal* Tumbler 300 2.40 Soap dish 4 00 3.20 Toothbrush/tumbler holder 6 00 4.80 F-nday. July 13. 1 Saturday. July 14. 1 uv_yi u li ity Brickyard, Ford City, Fox Valley Canter. Gary Village. Golf Mill Joliet Mall. Lakehurat Lincoln Mall Marquette Malt North Riveraide Park. Orland Square. Southlake Mall, Spring Hill Mall. Winaton Plaza. WoodfMA Yorktown Richmond bank to assist buyers at land auction Richmond Bank, 10910 Main Street (Route 12) in Richmond, has announced special services to assist area farmers and in­ vestors who wish to participate in the Northern Pump Farms auction on Saturday, July 14, 1984. "Yes, we're making farm loans at competitive rates," says Jack Strom, President of Richmond Bank. "I think our rate is the same as or less than P.C.A. ( Production, Credit Association)." Richmond Bank will make available lines of credit and cashier's checks to qualified, interested bidders. All suc­ cessful bidders must present to the auctioneer on the 14th a certified check for earnest money for from $5,000 to $50,000 and must increase that amount to equal 15 percent of the pur­ chase price within 5 business days of sale. "We're a bank area farmers have learned to depend upon," commented Strom, "and so, of course, we'll be involved in this important auction. We'll be helping both small and large investors. Uiis is one of the largest auctions ever held in the area, and there are lots erf very attractive parcels being offered in various sizes in both Rich­ mond and McHenry Townships. "Anyone who is interested in any of these parcels should get in touch with me at the bank (678-2461). During the event, 2,600 acres of land belonging to Northern Pump Farms will auctioned to high bidders. There will be 37 parcels x of prime McHenry County land offered in 26 or more units, including 10 farm­ steads. Auction will begin at 10 a.m. on July 14, at Andre's Steak House on Route 12, just north of Richmond. Home restoration a viable route for some By: Yvonne Beer, executive vice-president of the McHenry County Board of Realtors When you look at an older, run-down house, what do you see? Do you see the paint peeling or can you picture a porch at the side or rear? Do you see the sagging roof or can you imagine an alcove with bay windows on the second floor? ealtors ECORD Are you deterred by the rusted pipes inside or do you appreciate the craftmanship hidden behind layers of old paint? If you see the positive side, you could be a good candidate for home restoration. Buying ah older homie to restore may be more affordable than other properties. Your search for the right property should begin where property values are on the upswing. Consult a member of the McHenry County Board of Realtors who is familiar with the area and who understands market trends such as new businesses in the area, other restoration underway, younger residents migrating to revitalized neighborhoods, annual events such as block parties, art fairs and festivals which indicate vitality within the community. You also have the opportunity to be a pioneer in restoring the area. Before you buy the particular property you have selected, it is time to determine the amount of restoration needed. Hire a contractor to inspect the basic systems to make sure it is worth doing. Remember, restoration is a time-consuming process. Your objective should be to hold down costs without sacrificing a quality finished product. Make sure you know what you can do yourself and what it will cost for the tasks requiring a con­ tractor. Try to arrange for a low dowl* payment on the home so that all of your money will not be tied up in the purchase price; leave some for the restoration work. An old home in need of restoration can be the beginning of a great adventure. With "sweet equity" and a little luck, your dream home can be realized at an affordable price and with a great deal of satisfaction and personal pride. State notes increase in fiscal year balance Comptroller Roland W. Burns reported the state ended fiscal year 1964 with a balance of $217 million, the highest year-ending balance in the general funds since 1980. Burris said the end- of-June balance was also the seventh consecutive month the balance remained above the $200 million fiscal "warning zone" level. Burris said total general funds revenues in fiscal 1964 were $9,707 billion, $1,270 billion or 15.1 percent above total revenues of the prior year, the largest annual increase in the history of the general funds. Revenues from state sources were $8,319 billion, $1,223 billion or 17.2 percent above com­ parable revenues in fiscal 1983. Four specific sources wete responsible for most of the in­ crease - $795 million or 33.4 percent increase in personal income taxes, a $133 million or 32.0 percent increase in cor­ porate income taxes, a $256 million or 10.7 percent increase in sales taxes and a $143 million or 66.5 percent increase in transfers from the lottery fund. Revenues from federal sources were $1,388 billion in fiscal 1984, $47 million or 3.5 percent higher than comparable revenues in fiscal 1983. Total General Funds ex­ penditures in fiscal 1984 were $9.6 billion, $1,086 billion or 12.8 perctent above total ex­ penditures for fiscal 1983, also the largest increase in the history of the general funds. Burris warned, however, the $217 million balance will not l^e enough to meet all fiscal 1984 expenditures as lapse period pending is expected to reach $350 to $400 million. Therefore, a portion of fiscal 1985 revenues, which may be impacted by the lower income tax rate, will be needed to pay fiscal 1984 obligations. The end result may be a cash flow problem from the general funds in the second quarter of fiscal 1985. SOFT WATER RENTAL 97V~ •NO installation charge •NEW fully automatic softeners •TWO year option to buy with •FULL rental fee deducted •OW rent any quesflons • ARLINGTON SOFT WATIft CO.