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4. COMMUNICATIONS (Cont'd Real Estate Research Corporation letters dated October 20, REAL ESTATE 1975: Mr. Brownell read each of the letters. RESEARCH CORP. RESPONSE The first letter is over the signature of Mr. Nicholas C. Jannotta, addressed to Mr. Brownell with copies to the Honorable Jerry J. Miller, Mr. Peter Nemeth, Mr. John P. Slafkosky and Mrs. Audrey Conley, which is in response to Mr. Medlock's letter of October 6th. An excerpt in the response states: ". there is no pro- vision in the adopted urban renewal plan to accommodate transient facilities as proposed by Mr. Medlock. Therefore, the City of South Bend could have rejected the bid on the grounds that it did not meet the basic plan requirements. However, in an effort to be absolutely fair, the City elected to reconsider the need for transient facilities in the Central Business District once again, and, after reconsideration, the conclusions were that market conditions could not support the proposed project. I might add, that the current conditions that exist in the real estate industry today are partly the result of ill- conceived projects and in many instances, would not have occurred had more forethought been given to the basic market needs for space and the financial aspects prior to con - struction. I am confident of our market findings and in time, I'm sure Mr. Medlock will come to appreciate the concern and efforts of the City to make it not only a good community in which to live, but an economically healthy community as well." The second letter is over the signature of Mr. John W. Diamond, Vice President, addressed to Mr. Brownell in response to his letter of October 9, 1975, in which they state they are pleased With Mr. Brownell's expression of confidence in the services provided by Real Estate Research Corporation. An excerpt from the second letter states: "...subsequent to the analysis of the Albert Pick Hotel, our firm has been involved in 17 additional real estate consultations in South Bend, in- cluding in -depth studies of the hotel market conducted in 1968 and again in 1972. In the past 12 months, I have been personally involved in studies for hotels and motels that will be affiliated with the following national firms: Hilton Hotels Corporation; Ramada Inns, Inc.; The Stouffer Corporation; Lex Hotels, Ltd.; Braniff International Hotels; Americana Hotels; Holiday Inns, Inc.; Sheraton Hotel Corporation; Four Seasons Hotels, Limited; Western International Hotels; Playboy Club Hotels; Radisson Hotels." "Our advice in these cases was given with exactly the same degree of impartiality as our recommendations for Block 6. Mr. Medlock's charges to the contrary, while understandable as to motivation, certainly are totally inaccurate." - 4 -