News—^ niooct Weeks L/lgCSl Top Stories Budget Talks CXJURT HOUSE - Cap* May County Board of Freeholders will hold public 1964 budget deliberations starting at 4 p.m. on Tuesday through Friday, Jan. 17-20, and, if needed, at 9 a.m. Saturday, Jan. 21, according to Freeholder William E. Sturm Jr., director of revenue and finance. *

Tag Team AVALON — Borough Council increased by $1 last week the price of seasonal beach tags — matching seasonal rates charged by neighboring Stone Harbor. • "Hiat could signal reinstatement of an agreement between the reseats, allowing tourists to bathe on either beach without buying separate tags for both. The agreement unraveled last year when Stone Harbor hiked its seasonal tags $1. Alexis Axes Pair COURT HOUSE - Newly-elected Middle Township'Committeeman James Alexis handed pink slips last week to two laborers hired by Patricia Peterson, the GOP incumbent Alexis defeated in November. But, he said, economics not politics was behind the layoff notices. Peterson’s unilateral hiring of the men sparked a controversy last fall in part because she instructed laborer Joseph McCarraber to omit an arrest from bis job application. Maverick Mayor PETERSBURG — Committeeman Daniel Bey el was selected Upper Township mayor by a 3-0 margin last week with two committeemen abstaining — former Mayor Leonard Migliacdo and regular Republican John J. McDonough. Beyel and Committeeman Louis DiLuzio were reelected to their third terms, as maverick Peoples Republican Organization DiLuzio, Democrat Committeeman Thomas Bonner and Beyel cast the deciding mayoralty votes. Another Term STONE HARBOR - Borough countilmembers reelected Eric J. (Page 18 Please) Use Boulevard 12 More Days STONE HARBOR — A nine-mile detour to this borough is at least another week 'away. The preconstruction conference between the state Department of Transportation and the contractor, Raymond International Builders erf Houston, Tex., will be held Jan. 18. After that, replacement of the Great Channel (96th Street) Bridge could start any time, according to George Reider, Raymond vice president. And Stone Harbor Boulevard will be closed. The $3.5-million project was supposed to be underway last mid-October for six mon^ ths, with the bridge being reopened April 21, then closed again for six months next October-April. (Page 19 Please)

$8 Million Economy Boost Seen

Green Light for Woodbine Racing

hod# Word RACE TRACK ADVANCES—Sigafaig a 48-year lease to bring sports car radog to Woodbine are. left to right. Mayor Ernest Maferio. Woodbine Port Authority chairman Gail Kessler, and Jack LaBounty, president of Cape Motorsport Promotions lac. LaBounty Wouldn’t Brake

If international class sports cars are racing around a track in Woodbine at more than 200 miles an hour this summer, it will be the result of one man’s perseverance. John T. (Jade) LaBounty of Stone Harbor proposed his idea about a year and a half ago. He had, be said, $1 million in investor capital "ail lined up.” But be also was relying on a federal UDAG (Urban Development Action Grant) and a low-interest loan through the New Jersey Economic Development Authority. Both fell through apd, for a brief time last spring, the project seemed to be dead. "There was no money in the pot,” explained a source close to the original project. “But Jack vowed he’d keep trying.” LaBounty even considered a public offering of inexpensive stock, but that, too, was ruled out. LAST WEEK HE told the Herald and Lantern that he bad "mon than 40 percent” of the estimated $3.1 million cost of the project "in hand." LaBounty sakfbe had “rejected investor capital because I lost too much control of

the corporation. It was not in the best interest." LaBounty declined to detail bis financing package, calling Tt "a private corporate matter.” * But his ‘Philadelphia consultant,” Richard Frankel, in a telejifione interview from Boca Raton, Fla., was willing to outline the project. It relies oc debt financing rather than equity financing. A LOCAL BANK will be the short-term construction lender, providing some $2 million. LaBounty said two banks are under consideration and “We’ll go with the best rate." ' After construction, the Equity Mortgage Investment Co. of Philadelphia will "take out” the bank and become the permanent lender. The bank interest rate for a construction loan is expected to be about 16 percent. The prime rate is currently n percent, Frankel, an attorney and an owner of Frankel Chevrolet in Ardmore, Pa., described himself as a liaison to Equity Mortgage, for whom be is opening a (Page 19 Please)

By Joe Zelnik WOODBINE - Woodbine officiate signed a 40-year lease last week that could bring Cape May County a major sports car road racing facility. Cape Motorsport Promotions, Inc., headed by Jack LaBounty of Stone Harbor, intends to build a 2.5-mile track and lease 265 of the 748 qcres at the Woodbine Airport. The facility will be called Woodbine Motorsport Park. LaBounty said the total prpject will cost $31 million of which a half-million dollars will go for changes at the airport including moving present facilities and reopening a closed runway. The present active runway would be taken for the race track and the airport operations office and four hangers would be moved to a site parallel to the runway to be reopened. There are said to be about 25 ,planes located at file field year-round and, LaBounty said, “the race track will increase air traffic out there because a lot of race teams have their own planes.” THE PROJECT REQUIRES the approval of the Federal Aviation Administration (FAA). LaBounty said that has been requested and should come within 90 days. He said the construction to follow would require 75 days. That would take the project to late June. I a Bounty declined to reveal when he expects the track to open, saving that item for a press conference slated tomorrow at Harrah’s in Atlantic City. Sources said racing would start this year in July or August, and continue to midOctober. Normal full season for racing events will be from April to October. LaBounty gave the Woodbine Port Authority a check for $6,400 last week as the first installment of a $38,000 reimbursement Motorsport has promised it for malung changes jn its master plan. The authority will be paid rent of $20,000 a year for five years with an "adjustment" every five years based on the Consumer Price Index. The rent could never decrease, and could not increase more than 30 percent (to $26,000) every five years. STARTING, IN IMS. Motorsport also woul^pay the authority 1 percent of the gross revenue from all aspects of the operation. Revenue will come from admissions — with ticket prices ranging from $5 to $35, according to LaBounty — and from food service and track rental. The borough also will earn tax revenue from the facility. Using an estimated 100 percent assessed valuation of $1.2 million (Page 18 Please)

BIG DAT — Alaa L Goald, president erf the Bardette Tomlia Memorial Hospital board of governors, prepares to cat the ribbea to epea the heepital’s $2S-niilUea new wiag. Hte wile. Joyce, is at left Hendreds attended the ceremeales Saaday.

( Bon Jour, Cape May 9

You’ll be able to telephone Montreal again this year - 514 843-3963 - and bear the reply, "Bon jour, Cape May." Pierre Payette and Tony Catanoso have kissed (probably on both cheeks) and made up. A year ago, the Cape May County Freeholders delayed the annual contract of tourism promoter Payette because, ‘Bye, Guarantee The number of Cape May County banks shrinks briefly next Tuesday, but the number of George machines grows. Acquisition of Guarantee Bank by First Jersey National Bank/South takes place Jan. 17. A week or so later, however, First Jersey wfll tell three Guarantee branches in Villas and Rio Grande and the First Jersey bank building in Cape May Court

freeholder Director Anthony T. Catanoso said, "Pierre doesn’t like to take order*.’’ Payette ended up working all year, but often on a month-to-month basis. Last week the Freeholders give Payette a new annual contract and a 6.4 percent raise, bringing hte annual salary to $11,896. "HE’S DOING a decent job," said (Page 19 Please) Hi, George House to a new bank in the county, the First National Bank of Toms River. Guarantee's George machines for electronic banking, however, will be kept by First Jersey/South and expanded to all its offices, according to James McLaine, executive vice president, operations James Kilbridge, general counsel for First Jersey, said the takeover should not (Page 19 Please)

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