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4. at this point, is unrealistic, in view of the amount of land that we have to dispose of yet, in addition to the lawsuits and other factors." "There is also the additional situation that we need to face, and that is, in all probability, we will not be able to market the land at the price at which it was originally contemplated we would be able to get for it. I would suspect that in order to accomplish the kind of efforts that we would like to see in the downtown area, it will be necessary to make a number of con- cessions. We have to be realistic and understand that this is all a competitive kind of thing, and that if it is the desire of the people to have the downtown be a large retail market area, then the conditions that are necessary to provide this kind of activity are going to at least have to be on a par which can be accomplished elsewhere. We can't expect retailers to pay a premium to be in the downtown area at the current time, and, if we hold that kind of view, we are going to be looking at a lot of vacant land for a long time." "Whether you like things or not, you have to accept the facts of realism as it is, and you have to deal with the kind of world situation that you have, and I think that is what we are looking at here. How it will all come out, it is difficult to say. One thing about this whole process that I have certainly noted over the years is that we do not have control of the whole operation. The way the thing philosophically is put together is that we try to create a climate that will encourage the private sector to move in and actually do all the developing. We are not developers. All that we can do is create the situation that will allow the development to take place. Well, this has to happen first, really, and we have operated according to a plan that would accommodate all the essential elements that would make this development possible and favorable. Unfortunately, the time table was such- -and the economic situation that developed was such - -that many of the things that were anticipated to happen didn't happen. Whether they would have happened under other circumstances is moot; there's no way you can handle that. What we have to do is deal with what we have now, and that, essentially, is what.we are looking at." The Chair asked Mr. Brownell if he had any further comments to add or to report on any comments made by the City Council on the pro- posed plan, and Mr. Brownell advised that it was agreeable with the Mayor and the seven (7) members of the City Council present in Caucus, to go ahead the submit the plan to HUD, which he said he did as requested. Regarding further questions by the news media, the Chair advised the financial plan for Project R -66 that Mr. Brownell has worked out through June, 1980, can be met if the City Council approves it, but there is no way that we can meet the close -out date of August 10, 1976. - 4 -