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4. NECEIPT OF SEALED BIDS Cont'd <br />Dr. John A. Kromkowski, Director of Human Resources & <br />Economic Development Department, said the Mayor wanted to <br />stress one or two particular aspects of the program, the <br />wide implication, commitment of Associates to the City, <br />also in the area of increasing the property tax evalua- <br />tion and what this project means for the individual home - <br />owne , and recently economic development moving towards <br />the ossibilities of increased local employment. <br />Stat�ment from Mayor Jerry J. Miller, read by Dr. Kromkowski: <br />Today's announcement of the multi - million dollar down- <br />town construction program of Associates and the First <br />Bank & Trust Company moves South Bend firmly out of the <br />so- called recovery stage and into a period of mature <br />growth. <br />The building program and the business it will generate, <br />both commercial and retail, assures the success of our <br />downtown urban renewal program. The core of our city <br />is healthy and will stay that way. <br />The commitment of Associates, one of the nation's lead- <br />ing financial institutions, to the City means that South <br />Bend remains the hub of a prospering and growing Michiana <br />area. All of our industries, all of our commercial firms, <br />all of our retail and service enterprises will benefit <br />from this commitment. <br />'This administration has committed its planning and manage- <br />ment capacity to the development of the entire community. <br />To our good fortune we live in a community which is a <br />reservoir of talent and good will which in a variety of <br />ways has demonstrated its great hopes for South Bend. To- <br />day many of these hopes have become realities. One of our <br />strategies for community improvement has been to harness <br />our capacity for economic growth by vigorously pursuing, <br />urging and pursuading private developers to play a great <br />role in overall community development. The involvement <br />of private developers in South Bend has an immediate two- <br />fold benefit to this community: <br />A. Economic development means increasing the possi- <br />bilities of local employment. <br />B. Economic development means increased property <br />evaluation which in turn means lowering the tax <br />burden on the individual homeowner. <br />'On behalf of the citizens of South Bend, I would like to <br />thank Dr. Carmichael and his associates for this invest- <br />ment in the future of our community. <br />- 7 - <br />