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10. SUPEk BLOCK PROPOSAL - FIRST BANK & TRUST COMPANY (Cont'd
<br />Overall, Mr. Medlock said, "`I would say the one thing that kind of
<br />inspires me the most is the-general enthusiasm the people have relative
<br />to wanting to do something downtown, and it looks like the people are will-
<br />ing to volunteer suggestions, time, comments, and some of the suggestions
<br />that we have received have been very excellent and will be faceted into
<br />the thinking. This does not imply that everybody is saying, 'Hey, you
<br />know, that's the solution we really expect.' Quite'to the contrary. You
<br />know, some people have suggested that we are taking the wrong strategy,
<br />and that why bother with the retail, why not go with the office. Just
<br />attract a lot of insurance companies from the outside, and there are other
<br />strategies."
<br />"We iave a lot of plans that could take a heck of a lot of office space,
<br />frcm the viewpoint of an office building. We would be 'happy to attract as
<br />many people as we could. So you could have a higher building, greater
<br />econ )my of scale, etc., but our thinking is even if you could attract
<br />thes people from the outside, they are still going to be going vertical,
<br />and you know, you are only still going to be using up -a fraction of thE!
<br />land, so it might be an excellent current strategy, certainly for the
<br />over ill development, for the economic basis of South Bend, or the economy,
<br />of w atever size office may be there. It will be excellent to shoot for,
<br />but it will not solve the problem of what you are going to do with all
<br />the land out there- -also from a practical point of view of attracting
<br />a lot of people in from the outside cities. All you have to look at is
<br />the financial situation and the investment thrust to 'know that there is
<br />a lot of office space available nationwide. That is why a lot of REIT's
<br />are laving a lot of financial problems, so you know what you are battling
<br />agai st. Of course, locally, you have a lot of construction, new office
<br />construction, remodeling, etc., in the last five years', so there is not
<br />an overwhelming demand. So, basically, we are still working on the most
<br />critical factor, which is securing that second major retailer.
<br />Ms. Derbeck requested if she could ask if the first major retailer is:
<br />Gold latt's- -the one he has, with Mr. Bloomquist replying, "I have no
<br />comments as to who the major retailer is because they have asked that we
<br />keep it confidential. Ms. Derbeck added a lot of people seem to think
<br />they know who it is.
<br />Ms. Allen asked, "My question concerns the land - -are we going to sit here
<br />for another year? Granted they are working on these plans, but are we
<br />not going to advertise this property and try to get something going down -
<br />town? Are we going to let this land stand for a year, and then perhaps
<br />they say, 'No. They can't do anything' We waited 2 -1/2 years before
<br />and now another year - -that would be 3 -1/2 years with nothing done. It
<br />sees to me that the land could be sold, even piece -meal downtown, or at
<br />least put it up for bid to see if someone else will use parts of it and
<br />get something started. You won't have a downtown,- i'f you wait another
<br />year, two years, and then three years to build a building'"
<br />President Nimtz said that we have done some research on this matter, and
<br />requested Mr. Wiggins to speak on this, as they have discussed this on
<br />the pros and cons on the piece -meal vs. the overall aspect. CommissionEr
<br />Wiggins, said, "Yes, we have. We've not only done a research from our own
<br />sta dpoint of what we would make, but we have followed the recommended
<br />rou a and gotten people who are supposedly experts in ''this field who operate
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