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Page 3 <br />January 14, 1976 <br />Ir summary then, the economy has improved enough that <br />WE feel major retailers will be making a decision about <br />their expansion plans in the'Michiana market. We feel <br />m re optimistic about the Downtown Mall proposal than <br />at any time to date; however, we also hasten to point <br />out that there is still a substantial downside risk of <br />failure. Logically then, we continue to encourage others <br />to examine alternative strategies for developing the <br />downtown. <br />/fmr <br />Sincerely yours, <br />enton M. W kefie <br />Chairman of the 1 <br />