AUTO PARTS FIRM TO JOIN GROWING BUSINESS PARK.Byline: Jim Skeen Staff Writer LANCASTER - Lancaster's redevelopment agency agreed to sell 3.18 acres in the city's business park for $387,856 to an automotive performance parts company. The redevelopment agency sold a parcel at Federal Drive and Business Center Parkway to Wheeler Co. Products Inc. The deal involves Wheeler paying $20,155 at the close of escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. and taking out a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. for $114,210 that will be repaid at 6 percent interest over five years. The rest of the sale price involves the company assuming the debt from an assessment created to provide improvements to the business park. The company produces engine performance kits sold through national auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Wheeler Co. is described as a success story for the Lancaster Business Park. The company originally set up a 5,000-square-foot shop with three workers in the business park's incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the building, a facility designed to house start-up businesses. The company has since grown to 22 workers and now occupies 8,000 square feet. It plans to build a 47,000-square-foot building and employ 60 workers. ``Originally they started out installing kits and now they are a manufacturer,'' said Vern Lawson Jr., who markets the business park for the city. ``They are a success story for the business park. We're delighted with their progress.'' Lancaster acquired the business park from the now-defunct Lancaster Economic Development Corp. in October 1998. The business park was created in the early 1980s to lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the Antelope Valley's dependence on the boom-or-bust aerospace industry, but had a rocky start and fell into hard times in the 1990s. In recent months, however, interest in the business park has increased. Recent sales include a deal to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. a Pacoima sheet metal company, with about 100 workers, and the sale of eight parcels to brothers Ron and Jim Carter, longtime long·time adj. Having existed or persisted for a long time: a longtime friend; a longtime resident of Detroit. longtime Adjective Lancaster businessmen who plan to construct buildings to attract tenants. ``I counted 13 projects that will be coming out of the ground in 2001. We expect that activity will generate interest,'' Lawson said. The 240-acre business park contains about 80 companies or government offices that employ some 1,400 workers. |
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