University Daily Kansan / Friday. November 20, 1977
State/Local
9
Committee explains new downtown plan
By BRIAN BARESCH
Staff writer
The Downtown Improvement Committee's proposal for downtown cluster retail development seeks to preserve architecturally and historically important buildings as much as possible, two members of the committee said last night.
Myles Schachter and Steve Glass, members of the improvement committee, spoke to about 50 members of the Lawrence Preservation Association and the Oread Neighborhood Association at the Lawrence Public Library, 707 Vermont St.
The committee's plan, which was hammered out Nov. 7 at a daylong retreat, includes three large department stores and groups of smaller shops as well as parking garages. The plan is being proposed as an alternative to the three suburban shopping malls being considered by the Lawrence-Douglas County Planning Commission.
"You remember how I tried to avoid using the M-word," Schachter said. "I want to emphasize that this is not one of those."
The plan has skywalks connecting the
shops and parking garages, which would allow downtown streets to be kept open and avoid a mall-like atmosphere, Schachter said. A plan for a downtown mall that would have closed the northern end of Massachusetts Street was defeated in a city referendum last April.
The improvement committee representatives said the plan, worked out with a development consulting firm, was still tentative. It will be discussed at a forum on Cable 6 Monday night, when residents will be encouraged to call in their opinions.
The City Commission directed the improvement committee to present a plan to the commission before Dec. 31.
Schachter and Glass said one of the committee's first priorities was to spend as little public money as possible. Public subsidies for shopping malls have been a tricky issue since the first mall proposal in 1977, and several members of the audience expressed concern that Lawrence would be subsidizing the department stores.
TOPEKA - Meetings will be tonight and Saturday with depositors of two Rush County banks that were closed by state and federal officials yesterday.
The Associated Press
Officials close two insolvent banks
Stan Gish, closing manager for the Federal Depositors Insurance Corp., said the two towns of Alexander and Timken, about 20 miles apart, were calm after state officials closed the banks at each of the communities.
The insolvent conditions of both banks is "attributable to loan losses found to exceed the subject banks" capital structure. "Male said is a confident statement
State Banking Commissioner W. Newton Male ordered the Alexander State Bank and the Timken State Bank shut down and the State Bank terminated that the two banks were insolvent.
and is a provider for customers.
The FDC was appointed receiver for both banks.
"Our primary interest is paying of deposits at both banks." Gish said. The FDIC board of directors approved paying off depositors in both banks. Deposits with accounts of up $100,000 are covered. Gish said, officials will meet with bank
accounts up to $20,000.
Gish said officials will meet with bank
customers in Alexander tonight and in Timken on Saturday.
Money will be available to depositors on Monday, Gish said. Until then, no one will be able to withdraw any money from either bank.
"I hope there are no real severe problems," Gish said. "I'm not aware of any extreme hardships at this point."
Word of the pending closing apparently leaked out in Alexander before the bank's doors were locked shortly before noon Thursday.
"There was a little heavier activity in Alexander" before the closing, Gish said. Several people came in to withdraw money, although they were not allowed to close their accounts until a review of all individual accounts could be made.
"It was nothing that could be described as a panic or a real run at the bank," Gish said. "At Timken, it was very quiet. It was real concern at either of the two banks."
The banks were the few businesses at the two communities, Gish added.
According to the most recent census, Alexander has 115 people and Timken has
a population of 100.
Thursday's action means that five banks in Rush County have closed in the past two years and eight banks in Kansas the past year.
Neither bank will be reopened because officials did not receive acceptable bids for them, Gish said.
The sparse population, coupled with a struggling agricultural economy, may have contributed to the two failures, although Gish emphasized that Kansas has some strong agricultural banks.
"it's hard to maintain a full-service bus in a small declining community," he said.
Both banks had two-thirds of their loans in agricultural credits. Gish said.
The Alexander State Bank had $8.6 million in assets and $8.8 million in deposits, Gish said. It had 1,350 accounts and $5.5 million in loans, with a total of 344 notes.
The Timken State Bank had $3 million in assets and $3.3 million in deposits. It had 158 accounts with $1.8 million in loans, with a total number of 173 notes.
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