The Utah Private Activity Bond Authority Review Board has approved a $3 million bond for Albion Laboratories, Ogden, to move the production of human minerals from Iowa to a 27,000 square-foot facility in the Ogden Industrial Park.

The money will be used to construct a new building and purchase equipment in an expansion that will lead to creating 29 jobs with an average annual salary of $29,000, said Richard Nelson, authority director.Also approved was a $4.4 million bond for Mountainlands Community Housing Association for the acquisition and rehabilitation of the Holiday Village Apartments in Park City that contains 79 units.

The authority is Utah's tax-exempt bonding authority creating a low-interest, long-term source of capital under the Federal Tax Act of 1986, Nelson said. Industrial development bonds are a specialized financing tool defined by federal tax codes for use by manufacturers "who create high-paying jobs that will support a family," said Nelson.