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pa Page 2 January 14, 1976 .e space in our project a year ago has continuously re- ifirmed their intent, subject to another major depart it store joining them in this mall, plus satisfactory -king arrangement with the City of South Bend. At this point, we are more optimistic about our chances for success than at any time to date. However, it should be clearly understood that there are many variables that can influence the success or failure of such a major project, and many of these variables are non - controllable, such as na ional retail sales. It'is extremely difficult to quantify the probability of su cess or failure. While it would be a more optimistic ap roach to highlight the positive progress, we have con- ti uously emphasized the speculative nature of this project,, anp we simply cannot guarantee success. I am personally most grateful for the moral support, the in outs, and suggestions from various members of the Down- town South Bend Council as well as from other South Bend citizens interested in the development of the downtown. Where possible, such suggestions have been utilized, and we continue to solicit them. Evan more gratifying is the increasingly widened leadership for developing the downtown as reflected by the activities of many more downtown business people, local government com- mittees, the universities, and other groups. This increasing leadership reflects, in my opinion, the tremendous vibrancy and spirit that differentiates South Bend from many other ci ties. If I might repeat what we have suggested to all concerned individuals and groups, as long as our project remains highly speculative, it is very important that alternative development strategies be pursued. I ould also like-to repeat that no one has a "hold" on the "big hole in the ground" land. The objective of First Bank is to develop downtown South Bend, which, considering the amount of space available, we believe will require a large coordinated development. It is also our evaluation that,this caa best be accomplished with an enclosed shopping mall. We ho De our project succeeds. However, if it does not, it would be highly desirable for downtown South Bend to have developed an analyzed alternative strategies. Since First Bank does not have the resources to pursue two major development stra- tegies, we certainly encourage the development efforts of others.