09997-10 Appropriation - $521,800 with Professional Sports Development Fund #377

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ORDINANCE NO. ~ ~ ~ 1-` ~ 0 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $521,800 WITHIN PROFESSIONAL SPORTS DEVELOPMENT FUND (#377), TRANSFERRING AN ADDITIONAL $200,000 FROM SPORTS DEVELOPMENT FUND (#377) TO HALL OF FAME CAPITAL IMPROVEMENT FUND (#677), AND APPROPRIATING ALL FUNDS FOR COLLEGE FOOTBALL HALL OF FAME OBLIGATIONS STATEMENT OF PURPOSE AND INTENT On September 28, 2009, the South Bend Common Council enacted Ordinance No 9956- 09 constituting the City of South Bend's budget appropriation for 2010. At that time, the status was uncertain of the College Football Hall of Fame located in downtown South Bend. Accordingly, South Bend's 2010 budget as enacted September 28, 2009 did not include appropriations for the College Football Hall of Fame. At this time, it is agreed that the College Football Hall of Fame will remain open and operational through all or most of calendar year 2010. Consequently, the City has certain financial obligations relating to the College Football Hall of Fame pursuant to the City's Second Interim Agreement with The National Football Foundation and College Football Hall of Fame, Inc. This ordinance appropriates monies necessary for South Bend to meet its financial obligations under the Second Interim Agreement. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The sum of $521,800 is appropriated and set aside within Professional Sports Fund (#377) to meet South Bend's minimum public funding obligation for the College Football Hall of Fame pursuant to the terms of the Second Interim Agreement with The National Football Foundation and College Football Hall of Fame, Inc. Section II. The sum of $200,000 is transferred from Professional Sports Development Fund (#377) to Hall of Fame Capital Fund (#677) to satisfy South Bend's minimum capital fund contribution in 2010. Section III. All appropriations in this Ordinance shall be made on a pro rata or incremental monthly basis for as long as the College Football Hall of Fame remains open and operational during calendar year 2010 but consistent with the terms of the Second Interim Agreement. SECTION IV. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor.