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HomeMy WebLinkAboutRM 01-16-76COMMISSIONERS' REGULAR MEETING Frid y, January 16, 1976 Transcript of the following items on the Agenda: 4. COMMUNICATIONS Letter from The Hickey Company, Inc. MR. ROWNELL: The next item is the letter from The Hickey Company, Inc., which reads as follows. It's directed to the Department of Redevelopment and states -- it's dated January 15, 1976, and states: In accotrdance with outs convetusati.on o6 Januarry 15, 1976, we wEU extend out ptoposa2 �otr confitract numbetr 10, Patrts A and D dated Novembetr 18, 1975 untie Man.ch 15, 1976 with no incne"e in ptrice. This cowtAact totaeed $750,298.00. 1/6 the 4ottowing items cure deducted, the va2ue/s acre ass 40ttows : 1) Two pootz, chemicatz and /sump pump $46,650.00 2) Benches - 16 units 2,923.00 3) Sub/st-itute btwwn conctrete Ooh tetctrazzo paving 1,900.00 4) Btuick paving in i/stand nean LaSaUe Ave. 2,500.00 5) Bicycee nachos - 12 unit.6 1,700.00 6) Sound /system conduit 21-700.00 7) Demotiti.on o4 vautt - SP 8A, tnceuding co ncAete paving 1,600.00 TOTAL DEDUCTION 591-973.00 In addition.. we aequest that the eomptetion date be adjuwsted to eo&&elspond with any decayed /staAt-ing date. We tAust this " the in4onmation you desi&e, and took ionwatrd to working with you on th" ptoject. Stneenety, /,s/ G. A. Hickey G. A. Hickey C ha-i ,t nan o4 the Bocurd I would like to read the letter from Foegley too, because Mr. Robert 0. Foegley sent us a letter dated January 15, 1976: COMMItSIONERS' REGULAR MEETING Frida , January 16, 1976 MR. NIIMTZ: Transcript: Page 2 Pete out phone conveuat(-on o4 January 15, 1976, we agree to the exten ion o4 the bid award 4ot the Pedestxian Way, Phaae #3 (P" ect Ind. R -66) through Febtuatcy 29, 1976. It ,ins also undetvs.tood that the beginning o4 cowsttuc ion and the compte ion datez wilt atzo be detayed. youjus very tAut y, /z/ Robert U. Foegtey RobeeAt 0. Foegtey Let's consider that along with the Mayor's letter which is under "Old Business, 5a -1)." MR. BROWNELL: All right. MR. NIMTZ: Do you think that is proper? MR. ELL: Well -- either way. I think we need... at some point...we need a motion to extend the time...like we did the last time we had that extension. This doesn't extend for as long. This only goes to February 29...really. MR. NIMTZ: Yes, but... but. Of course, Kevin, now ... we have this letter from the Mayor, which is the next item, requesting that we delay construction of the Mall until June 1, 1976, for the various reasons listed in the letter. MR. ROWNELL: This would only delay the awarding of bids until February 29, which would probably be continued on. MR. NIMTZ: To give us time to discuss with Hickey and ... COMMISSIONERS' REGULAR MEETING Frid y, January 16, 1976 Transcript: Page 3 MR. UTLER: I think, if I understand it correctly... what they want to do is evaluate. The contractors want to evaluate their cost factors, periodically...rather than giving one... MR. IMTZ: Well, that's reasonable; that's reasonable. Take it step by step. MR. ROWNELL: That's right. Because the labor rates may go up, and costs of material... MR. IMTZ: Lloyd, you are probably the expert on this... Do you see it, as taking it step by step, rather than... in fact, even this June 1 thing, has it been discussed with Hickey or Foegerly? an ELL: Yes, I told him about it...informally..over the phone, and, of course, they will have to have an increase of some amount- - probably in price, but they have no way of determining that amount at this time, because they don't know when the date';s going to be; it might not be June lst, you see. We don't know. MR. WIGGINS: MR. NTMTZ: We have currently an extension to February 1, which we will not have another meeting until after that time, so we have got to take action at this meeting, to carry it... I see, Wayne. I see your point. MR. W GGINS: ... to further extension, and, as long as we have the letters of request from them, I think we ought to act upon those COMMISSIONERS' REGULAR MEETING Frida , January 16, 1976 Transcript: Page 4 MR. WIGGINS: and, in that light, I make a motion that we receive the Cont'd letters and approve their request for the extension in time in which to award the bids... MR. BIROWNELL: To February 29. MR. WIGGINS: To February 29. MR. OIRA: I support that. MR. IMTZ: Any discussion? MR. GEL: Is that for... pardon me... is that for both: February 29. One is to March 15 - -the Hickey. Are you referring? M GGINS: Well, inasmuch as these are all parts -- parcels - -of the same operation, let's use the 29th date, and we'll see what develops meanwhile. If it is necessary to further extend them, then we can do it then. MR. KAGEL: The fact that February 29 is a Sunday, is irrelevant in this stage of the game? MR. WIGGINS: Yea, because we'll have to take action ... any further action that might be required will have to be taken... done, by our second meeting in February. MR. VANS: Mr. Chairman, I hear you members of the Commission, using the terminology, 'acknowledging their request.' Actually, the request for the extension was not from the contractors; it was from the Redevelopment Department, was it not? COMMISSIONERS' REGULAR MEETING Frida , January 16, 1976 Transcript: Page 5 MR. BROWNELL: No. Not that way. I simply explained the fact that we had a request from the Mayor to delay the project to June 1st. MR. EVANS: Did not the request—did not the extension for the awarding of the contracts initiate prior to the Mayor's letter? MR. BROWNELL: The first one did. MR. IGGINS: There was an extension. MR. BROWNELL: We explained to the contractors we either had to reject the bids, or they could be extended. MR. EVANS: But they were too high' MR. BROWNELL: No, that was but one of the problems, but ... MR. EVANS: Well, okay. MR. BROWNELL: ...but, the other problem was the timing. MR. EVANS: But that request was initiated by the Redevelopment Department and the contractors agreed to the extension of time. MR. BROWNELL: No. That's not true! MR. EVANS: That's not true? MR. WIGGINS: You might put it this way: We asked them to request it and they did, and we honored the request that they made. COMMISSSIONERS' REGULAR MEETING Fri January 16, 1976 MR. EIVANS : I see. Trnascript: Page 6 MR. WIGGINS: If you like it better that way...it all comes out the same. MR. VANS: I wanted to settle and clear it in my mind. I was curious. MR. BROWNELL: All I really explained to them was that we had two choices: we could reject the bids and then rebid the project, or they could request an extension if they wanted to. MR. EVANS: I see. All right. MR. NIMTZ: All right. We have a motion to extend these to February 29th, which is Roland Newman Chenney ( ?), Sr's. birthday. Do I have any further discussion, or questions? ["Done -- No response.] All in favor, signify by saying, 'Aye.' COMMISSIONERS: Aye. ['Aye's' unanimous.] MR. NIMTZ: That is carried. MR. BIROWNELL: The ... MR. NIMTZ: Now, ... MR. E ROWNELL: The next item is under, 'Old Business,' Mr. President, and that is a report on the Plaza continuation, Project Indiana R -66, 5a -1), is a 'Letter from The Honorable Peter J. Nemeth, Mayor, City of South Bend,' directed to Mr. F. Jay Nimtz, President, Redevelopment Commission, County -City Building, South Bend, Indiana 46601. COMMItSIONERS' REGULAR MEETING Frida , January 16, 1976 Transcript: Page 7 Deat Mt. Nimtz: I am Aequesting that the Redevetopment Deparctment decay eonst) uat%on o4 the mate on Michigan St)Leet between Je44euon and Washington StAee<t�s unt it June 1, 1976. I am making this rcequezt 4or the 4ottowing teasonz: 1. To provide the Mayon's Downtown Devetopment Committee with an oppoktunity to study the downtown probtem and make tecommendations; 2. To attow mote time to study the impact o A �&ee patFr i.ng on the pros peat%v e mate aAea between Je44ervson and Washington StAeets; 3. To avoid unnecasaty expense in the event the downtown matt prof eat o6 the FiAst Bank and TAust Company comes into tuition. Ass 4oA the th.itd teazon, I wish to emphasize that the pto babit i.ty o4 success o 4 the Hut Bank prof eat cannot be dete,kmined 4oA anotheA three oA 4ou L mowtks; however, o44iciats o4 the Hut Bank and Trust Company have indicated to me that they shoutd know within that pe iod o4 time whetheA or not thew prof eat w,i tt pAoeeed. In the event the project does prcoeeed, it woutd be very 400V sh jot us to enteA into a contract and commence eovvstruation o4 the matt at this time and then have to undo that eonsttuation at a tatet time. I fleet that the ,shorct time invotved 4ot the decay, as wett as the possibte saving6 o6 tax money, ju6t 6ies my teque�st joA the decay. Thanking you Got youA ass,i stance and coopeAati.on in this matteA, I ,temain vv.y ttcuty gout's, /6/ PeteA J. Nemeth PeteA J. Nemeth Mayor PJN/bjb cc: Redevetopment Commi6sioneu C. Wayne BAowneU MayoA',s Downtown aevetopment Committee News Media COMMISSIONERS' REGULAR MEETING Friday, January 16, 1976 Transcript: Page 8 MR. NIMTZ: Any comment, or questions, by members of the Commission, as to this delay, and as to the parking? COMMISSIONERS: [None -- No response.] MR. NIMTZ: If not, I'll call on Mr. Getzinger. [Directed to Mr. Getzinger] I believe this has been dis- cussed with you and Mr. Kagel, and the merchants downtown? MR. ZINGER: Yes. Mr. Chairman and members of the Commission: Of course, you must be aware of my feelings in the matter. We were taken completely by surprise of the announcement, and, our first reaction, of course, was one of shock and amazement; however, I feel that the Mayor and this administration does have the community's and downtown business community's interest at heart. I feel that in retrospect, that he does need some time to study the situation and I would recommend that we would go along with his request at this time. I hope that the six months's delay, or five months - -or whatever it is - -I don't remember the exact date ... MR. NIMTZ: June 1st. `Y0 INGER: At that time, or time between now and then., that we can have some sort of a plan on what is going to happen shortly thereafter. COMMISSIONERS' REGULAR MEETING Frida , January 16, 1976 Transcript: Page 9 MR. G TZINGER: We feel that we did have some communication with you, Cont' d gentlemen, prior to Christmas. We had resolved what we had wanted to do - -to start the construction of the Mall. I realize that there has been a change of adminis- tration, and, so, because the Mayor has made this request, and because we too want to do and cooperate, and we will agree to that request. MR. KMTZ: MR. G Would you like to address yourself as to the parking request- - that we extend the parking in the additional block or half block? INGER: Yes, I would. I certainly feel that if we are not going to construct the mall, that the entire block should be opened up to the parking. MR. N MTZ: Well, that's the Mayor's request. MR. G TZINGER: Yes, I agree with his request. I think that if we are going to do that, then we have to support him wholeheartedly in this request, but I do think that there could be some enforcement of the time period - -a maximum of two hours- - and I think this is important also. ufT;�►1 Thank you, sir. [Directed to Mr. Kagel]. Mr. Kagel, do you have any comments, or feel like a speech coming on? COMMISSIONERS' REGULAR MEETING Fri January 16, 1976 Transcript: Page 10 MR. GEL: No.... [Laughter]. I know that this has been studied in the Chamber of Commerce by several Committees, and I believe that what Mr. Getzinger said, I would reflect on the same. MR. NIMTZ: Thank you, sir. Mr. Bloomquist, do you have any comments, or? MR. OLOOMQUIST: No. I agree with Hub, and the gentleman. MR. IMTZ: All right. Thank you, sir. Any other questions or comments? [None -- No response]. Now, I have discussed this matter, informally, with the Mayor, and, of course, I think we all realize the legal responsi- bility on the parking is with the Board of Public Works, and it's my understanding, if we have no objection to this and approve this, this morning, this will go before the Board of Public Works the next meeting, which will be Monday morning. Am I correct on that, Mr. Butler? MR. DUTLER: Yes. MR. NIMTZ: Do I hear a motion? MR. DONALDSON: I so move. MR. ROBINSON: Support. COMMISSIONERS' REGULAR MEETING Fr id y, January 16, 1976 MR. NIMTZ: Transcript: Page 11 Any further discussions or questions? [None -- No response]. All in favor signify by saying, 'Aye.' COMMISSIONERS: Aye. ['Aye's' unanimous.] MR. NIIMTZ: That is carried. MS. OERBECK: What was the motion? MR. NIIMTZ: That we accede to the Mayor's request, and that the delay as requested for the construction of the Mall on Michigan Street between Jefferson and Washington be postponed until June 1, 1976, and that we have no objection to free parking on the area between Jefferson and Washington Streets. That's your motion, isn't it, Pete? MR. CAESAR: That is the free, two -hour parking? MR. NIMTZ: Well, this ... the fine points and the details, of course, are legally in the Board of Public Works. We have nothing to say about that. All we are saying, is that we have no objec- tion to that area being used as parking. Right? MR. DPNALDSON: That's right. MR. E ANS: Mr. Chairman, does this make the extension of the previous contract, which you discussed, a rather moot point? COMMISSIONERS' REGULAR MEETING Frid , January 16, 1976 MR. NIMTZ: Transcript: Page 12 No. This gives us time, as I understand it now--if they are still interested, to ask for another continuation until June 1st. [Directed to Mr. Brownell]: Right? MR. ROWNELL: Yes, and review the expenses involved. MR. IMTZ: Right. MR. VANS: You would not have to go through a rebidding, necessarily? MR. BUTLER: Not if we can get their accession for continued delays on the award until June 1, or until such time that .... MR. VANS: But, there is no change in the bid? And no change in the price? MR. BUTLER: Right. MS. ERBECK: What if only one contractor agrees? MR. IGGINS: Well, then the other part would have to be rebid. These are separate, although they are ... MR. BUTLER: If the determination is made to go ahead with the construction of the mall, the alternatives would be either to reject the other bid and rebid everything, or simply we rebid the one that... MR. IMTZ: Not acquiesce. COMMIISSIONERS' REGULAR MEETING Friday, January 16, 1976 Transcript: Page 13 MS. ERBECK: If the contractors agree to postpone, you do not have to rebid. MR. IMTZ: Any questions? Further ... I have to keep watching Legal Counsel here. MR. BUTLER: Legally, Jeanne, the notice to the bidders and the instruc- tions to the bidders indicated the Commission would act within thirty (30) days after receipt of bids. Now, that is what is being extended. That was our commitment. Of course, it protects the contractor - -the contractors - -if there were no deadline, the Commission could sit on it for seven or eight months, and we have their bid bonds; they would be bound. So, and, as a matter of fact, we would receive no bids, unless there were a .... Now, they are acceding by their requests to a delay in that thirty (30) day commitment. MS. ERBECK: Have you contacted the contractors? Are they willing? MR. OUTLER: The letters are here. MR. OROWNELL: We have read the letters. MS. OERBECK: Yes, but the letter said the 29th. MR. Well, their point is ... they cannot evaluate the situation all the way up to June 1. What they want to do, is evaluate it periodically -- probably on a monthly basis. We'll see what COMMISSIONERS' REGULAR MEETING Frida , January 16, 1976 F2 1W., Transcript: Page 14 happens. If they feel that they can hold their costs to the levels of their bids. Of course, we are delaying the starting. They were originally going to start the first week in January. MS. D RBECK: So, in other words, they are agreeing here to a bid award on February 29 for construction that would be delayed here? MR. BUTLER: Right. They know that we are talking ultimately about a June 1 date on the outside for a decision... for a final de- cision to be made. MR. B OWNELL: The next item [ "Old Business 5a -2) "] is a letter from the First Bank & Trust Company to Mr. Hubert Getzinger, Chair- man of the Downtown South Bend Council, and they have shared a copy of that letter with the Commission. [Directed to Mr. Nimtz]: I don't know whether you wish it read in full or not? MR. N MTZ: N0: ... I mean, that is not necessary. MR. W GGINS: I think this letter was also shared with the Press, was it not? ELL: Yes. It was in the Press, and it was read over in that meeting at the Chamber of Commerce. Do you wish to receive it? COMMIISSIONERS' REGULAR MEETING Friday, January 16, "1976 Transcript: Page 15 MR. WIGGINS: I move that it be received and placed on file. MR. OIRA: I support that. COMMISSIONERS: Aye. [ "Aye's' unanimous.]. MR. NIMTZ: That is carried. End of discussion under, "Old Business, 5a -1) and 2). Ori final transcript attached to Official Minutes, along with above letters discussed. Transcript r cordeed� and taped By: Helen S. King Executive Secret a y Dept. of Redevelopment CITY OF SOUITH BEND South end, Indiana 46601 Jxa��c xvx Peter J. Nemeth Mayor The Honorable Peter J. Nemeth Mayor, City of South Bend Co my -City Building So th Bend, Indiana 46601 r Mayor Nemeth: COMMUNITY DEVELOPMENT PROGRAM DEPT. OF REDEVELOPMENT 1200 County -City Bldg., Phone 284 -9371 Redevelopment Commission F. Jay Nirntz President John E. Chenney Vice President Donald A. Wiggins Secretary A. Peter Donaldson Assistant Secretary Robert J. Cira Member C. Wayne Brownell Executive Director Kramer, Rowe, Sweeney, Butler, Simeri & Laderer Legal Counsel January 21, 1976 I am pleased to report to you that in response to your letter of January 8, requesting that the Department of Redevelopment delay awarding of any contracts for the construction of the mall on Michigan Street between Jefferson and Washington Streets until June 1, 1976, the Commission, at its meeting of January 16, unani- mo sly approved your request. Technically, we delayed the awarding of any bids until February 29; however, Mr. Brownell is talking to thE contractors in regard to extending the eventual awarding date, if that is the decision, to June 1, 1976. Further, the Commission unanimously agreed that they have no objec- tion to the extension of parking in this block from Washington to Jefferson Street. However, we realize that the technical responsi- bility and supervision is within the purview of the Board of Public Works. With every good wish, I am FJN: Respectfully yours, F. Jay Ni z Pres i dent h `" �°deelgp t Commission PLANNERS R ENGINEERS F` DESIGNERS 19 BUILDERS Mr. Wayne Brownell, Executive Director Department of Redevelopment Room 1300, County -City Building South Bend, Indiana 46601 Dear In ac exter Noven This If 1) 2) 3) 4) 5) 6) 7) Mr. Brownell: January 15, 1976 Re: South Bend Pedestrian Way Project: Indiana R -66 South Bend, Indiana :ordance with our conversation of January 15, 1976, we will i our proposal for contract number 10, Parts A and D dated )er 18, 1975 until March 15, 1976 with no increase in price. :ontract totaled $750,298.00. following items are deducted, the values are as follows: Two pools, chemicals and sump pump $ 46,650.00 Benches - 16 units 2,923.00 Substitute brown concrete for terazzo paving 11900.00 Brick paving in island near LaSalle Ave. 2,500.00 Bicycle racks - 12 units 1,700.00 Sound system conduit 2,700.00 Demolition of vault - SP 8A, including concrete paving 1,600.00 TOTAL DEDUCTION $ 59,973.00 In ad ition, we request that the completion date be adjusted to corre pond with any delayed starting date. We trust this is the information you desire, and look forward to working with you on this project. �) ncerely, u aw G. A. Hickey Chairman of the Board GAH:v cc: Mr. Tom Oesterling (Clyde E. Williams) Mr. James T. Zakrocki CO INUeYt 70c5lecy XanJscape 2lesifyn anti Contractin ff, Snc. 60648 _Ci1 «e ` ..,l S..tli 8..cl, S.h..a 46614 �e�ep`ione (219) 291 -6253 January 15, 1976 Mr. C. Wayne Brownell Department of Redevelopment 1200 County -City Bldg. South Bend, Indiana 46601 Deer Mr. Brownell: Pe our phone conversation of January 15, 1976, we agree to the extention of the bid award for the Pedestrian Way, Ph se #3 (Project Ind. R -66) through. February 29, 1976. It is also understood that the beginning of construction an the completion dates will also be delayed. RF1 Yours very truly, . �� Robert 00 Foegley s L 3 A `s 15 19 7 6 } CITY OF SOUTH BEND South Pend, Indiana 46601 Peter J Mayor Sg 1*111 Nemeth Mr. F. Jay Nimtz, President Redevelopment Commission County -City Building South Bend, Indiana 46601 Dear Mr. Nimtz: January g, 1976 I am requesting that the Redevelopment Department delay construction of the mall on Michigan Street between Jefferson and Washington Streets until June 1, 1976. I am making this request for the following reasons: 1. To provide the Mayor's Downtown Development Committee with an opportunity to study the downtown problem and make recommenda- tions; 2. To allow more time to study the impact of free parking on the prospective mall area between Jefferson and Washington Streets; 3. To avoid unnecessary expense in the event the downtown mall project of the First Bank and Trust Company comes into fruition. As for the third reason, I wish to emphasize that the probability of success of the First Bank project cannot be determined for another three or four months; however, officials of the First Bank and Trust Company have indicated to me that they should know within that period of time whether or not their project will proceed. OFFICE OF THE AYOR SOUTH BEND, I DIANA Mr. F. Jay Nimtz Page 2 January 8, 1976 In the event the project does proceed, it would be very foolish for us to enter into a contract and commence construction of the mall at this time and then have to undo that construction at a later time. I feel that the short time involved for the delay, as well as the possible savings of tax money, justifies my request for the delay. Thanking you for your assistance and cooperation in this matter, I remain V truly yours, #z Peter J. Nemeth Mayor PJN /bjb cc: Redevelopment Commissioners C. Wayne Brownell Mayor's Downtown Development Committee News Media 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 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. Page 3 January 14, 1976 Ir summary then, the economy has improved enough that WE feel major retailers will be making a decision about their expansion plans in the'Michiana market. We feel m re optimistic about the Downtown Mall proposal than at any time to date; however, we also hasten to point out that there is still a substantial downside risk of failure. Logically then, we continue to encourage others to examine alternative strategies for developing the downtown. /fmr Sincerely yours, enton M. W kefie Chairman of the 1