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9. BLOCK 6 PROPOSAL - INTERNATIONAL CONSTRUCTORS CO. (Cont'd) Mr. Medlock extended an invitation to the Redevelopment Commission to be their guest for a trip to Grand Rapids sometime within the next two weeks, at a date when it might be convenient "for the members of the Commission. His firm believes this is important in the planning of the downtown as we are going to end up with quite an investment with the Century Center, and that he has come to believe from the people he has discussed this project with that the Century Center can't be fully utilized and that the community will have difficulty in attracting conventions and - visitors, etc., to make maximum use of hat without a suitable luxury motel,-or motor inn and a quality res aurant in the downtown area of a size that does not presently exist. Depe ding on the number of people that will going, they would charter a bu and leave approximately 3:30 p.m. Have a buffet and cocktail and have an opportunity to first meet the owners of the Midway Motor Lodge and Ir. Hoffman of the Hoffman House Restaurant, in Grand Rapids; the bus ride would take approximately 2 -1/2 hours each way, with a total of a proximately a seven -hour session, to approximately arriving back in S uth Bend at 10:30 p.m. They would also like to invite other groups who qill be responsible or .influential in any rezoning or.land -use de- signation change. Mr. Medlock said he would also like to ask some re- pres ntatives of the City Council, Area Plan Commission, and some others. 10. SUPE BLOCK PROPOSAL - FIRST BANK & TRUST COMPANY: Ms. Jeanne Derbeck, South Bend Tribune Reporter, asked if we have any SUPER further news about the big Super Block, and President Nimtz called on BLOCK the representative from the First Bank & Trust Company, Mr. Allan C. PROPOSAL, Bloo quilt, for any comment. R -66 Mr. 3loomquist said that they do not have any specific or identifiable news that they may say this is the starting time and all:.that. Still on tie critical path and the major hurdle to overcome is to get the seco d major retailer to sign. There are some optimistic signs rela- tive to that, and there are negative signs relative to that. The largest negative sign is, and if we will read the Wall Street Journal ors me of the other financial pages, some of the major retailers, the first quarter profits were down; one was down 86 %; one was down 50 %, etc.; so it doesn't make these major retailers very expansion minded - -at least in t is point in time when their profits are down so much. It can also forc2 them to go into a strategy of expansion later on, because you know that they have to do something when the profits are down that badly - -at least in the first quarter. Just reading some of the institutional re- port3 as to what the profits look like and what is expected, it obviously has iad a significant effect. Nobody is going to sign on the dotted line if t eir profits are down 86 %. If for no other reason'. they are not going to b able to as the Wall Street investment houses aren't going to give them bonds and other financial latitudes to do it until things straighten out a little bit for them. Mr. 3loomquist said otherwise they meetings with the downtown people. sinca then they have had communicy date on the project- -just so they Common Council members. have had a fair number of communication That was probably 'a month ago, and Lion meetings`to brief the rayoral candi- are aware of it- -the same with the - 13 -