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DETROIT-Mayor Kwame Kilpatrick won’t tip his hand yet, but at an event last week, the mayor said he’ll soon be making some major announcements about development plans in the city’s Eastern Market area. During a public event at the Detroit Branch of the Federal Reserve Bank of Chicago, which is building a new $80-million bank building within sight of Eastern Market, Kilpatrick says the bank will eventually have some new neighbors.

The bank’s new building there is expected to be completed by September 2005.

“You are going to see some company there,” Kilpatrick told Fed bank leaders.

The mayor says Eastern Market will be “the next area in a series of economic developments taking place in the city of Detroit.”

Various plans have been forward over the years to enhance Eastern Market–a wholesale area for produce, flowers, meats and other items that traces its roots to Detroit’s earliest days as a city.

During his conversations, the mayor also gave some insight into how the decision was made to build a new Fed building in the city.

Shortly after he took office in 2001, Kilpatrick said he received an “emergency” phone call from Mark Gaffney, the head of the Michigan AFL-CIO who is also a member of the board for the Federal Reserve Bank of Chicago.

“Mark said if the city wants to keep the Federal Reserve Bank, we needed to step up. And we needed to do it now,” Kilpatrick recalls. “We did and now the bank is under construction.”

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