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JAN 1 -51976 "rstBank & Trust Company OF SOUTH BEND BENTON M. AKEFIELD, JR. Jarivar CHAIRMAN OF THE BOARD y 14, 19 7 6 �-� Mr. Hubert Getzinger, Chairman r. Downtown South Bend Council 32 West Jefferson Boulevard South Bend, IN 46601 De r Mr. Getzinger: I think it might be of interest to the members of the Downtown South Bend Council to review the status of the proposal by the River Bend Development Group (a joint venture between First Bank and Development Control Cor- po ation) for the Downtown Mall enclosed shopping center an bank /office building. River Bend Development Group decided to take over the pr ject last April when it was apparent Associates would not continue, because we felt the Downtown Mall proposal was the best and most likely means of developing the down- town. Particularly important was the need for some cor- poration to provide leadership for developing the downtown, and not lose the benefit of the significant and costly work that Associates had completed. Since April, considerable time and money has been spent by our group to refine the concept and to do additional research at the request of maj r retailers whose leases are absolutely essential for a s ccessful development of a downtown retail project. As you will recall, during a major portion of 1975 the profits of inany retailers declined significantly. As their profits dec ined their interest in considering new store expansion also declined. In the fourth quarter profit's and expansion interest of major retailers increased, and the River Bend Development Group has aggressively sought to capitalize on the opportunity that a more positive expansion mood provides. During the past thirty days, meetings have been held with top off cials of several major department store chains and all hav confirmed their continuing interest in our downtown retail sho ping mall. The one major department store which agreed to P.O. BOX 1602 SOUTH BEND, INDIANA 46634 0 PHONE 219, 284 -3256