RM 08-15-75 - Laserfiche WebLink

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5. COMMUNICATIONS (Cont'd) Mr. Brownell said that he and Mrs. Dorothy Z. Deane, accountant in our fiscal division, attended this meeting in Indianapolis, along with the officials of the Regional office, Mr. Martin Segal and Mr. Richard Jacobson, and Mrs. Fredi Schmutte and Ms. Peggy Hudgens, of the Area office. They accepted these reports as of 7- 31 -75, but instructed us to continue to contract expendi- tures in line with our budget with close -out date of November 15, 1975. We may be,able to get the money for the financial arrange- ments -- $34,240 -- sent to the City of South Bend for our use in connection with this project. Mr. Brownell said that they reviewed the demolitions, condemnations, sale of the land to the City, etc., and that everything is coming along fine and is in good shape. Mot on was made to �eceive the 6. OLDI BUSINESS a. by Mr. Wiggins, seconded by Mr. Chenney and carried, above letters and place on file. Report on Disposition Parcel No. 6 -1, Project Indiana R -66: REAL ESTATE Mr. Brownell read this report, in its entirety, from Real RESEARCH Estate Research Corporation letter dated July 30, 1975, over CORPORATION the signatures of Mr. Nicholas C. Jannotta, Executive Vice REPORT President, and Mr. John W. Diamond, Vice President and Director of Hotel, Motel and Travel Studies. For the record, excerpts are noted: "This summarization has been prepared on the basis of the analysis made of the position of the hotel in the present market; an evaluation of its role in the face of indicated future developments; and with due consider- ation for alternative opportunities for the property. "In our judgment, further research would not substantively alter the findings presented in this report, but serve only.to reinforce these conclusions. "We are convinced there is an actual over supply of first- quality transient accommodations in the South Bend area market at this time. While not all of the existing es- tablishments offer the ultimate in visitor accommodations, the general level of quality is acceptable and well suited to indicated demands. Occupancy in any new rooms built, particularly in the downtown area, will be at the expense of existing establishments and will increase the wide- spread softness in the market. "The new convention center will be somewhat hampered in reaching full commercial convention potential by the limited number of good quality, committable rooms within walking distance of the complex. While the relationship - 4 -