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CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />DEPARTMENT OF ADMINISTRATION & FINANCE <br />GREGG D. ZIEl4TARA <br />CONTROLLER <br />� �t � - �\ <br />January 5, 2011 �... <br />Mr. Derek Dieter <br />President, South Fiend Common Council <br />4f" Floor, County -City Building <br />South Bend, IN 46601 <br />RE: Professional Sports Development Fund — 2011 Appropriation Ordinance <br />Dear President Dieter: <br />As you know, the 2011 budget passed by the South Bend Common Council on October 25, 2010 did not <br />include an appropriation in the Professional Sports Development Fund No. 377 ( "PSDA Fund "). As more <br />information is now known concerning the status of the College Football Hall of Fame for 2011, and with <br />the recent Common Council approval of Coveleski Stadium Revenue bonds with repayment from PSDA <br />revenue, it is now appropriate to establish the PSDA Fund budget for 2011. <br />The proposed 2011 PSDA Fund budget consists of the following expenditures: <br />$500,000 payment to the College Football Hall of Fame for operating expenses. This transfer is <br />funded by a pass - through of hotel /motel tax monies received from St. Joseph County in the <br />amount of $494,325 and accumulated interest in the PSDA Fund in the amount of $5,675. The <br />amounts of hotel/motel taxes paid to the College Football Hall of Fame were $530,137 in 2009 <br />and $521,800 in 2010. The payments to the College Football Hall of Fame will be made on a pro <br />rata, monthly basis while the facility remains open and in operation. <br />s $100,000 transfer to the Century Center capital account for capital expenses. This amount is <br />consistent with prior years and is scheduled to be transferred in June, 2011. These funds are <br />maintained in a separate Century Center capital bank account and all capital expenditures are <br />approved by the President of the Century Center Board of Managers and the City Controller. The <br />2011 capital budget for Century Center in the amount of $267,000 was approved by the <br />Common Council on October 25, 2010. <br />$395,423 payment for the initial debt service payment due on July 15, 2011 for the 2010 <br />Coveleski Stadium Taxable Revenue Bonds that were approved by the Common Council on <br />November 30, 2010. When the Coveleski Bond ordinance was approved, it was stated that <br />PSDA revenue would be the funding source for repayment of the bonds and a cash projection <br />was prepared demonstrating that sufficient funds would be available in the PSDA Fund to meet <br />all debt service obligations. The final bond payment is due on January 15, 2019. <br />The total proposed PSDA Fund budget for 2011 is $995,423.00 <br />County -City Building 227 West Jefferson Boulevard South Bend, Indiana 46601 -1830 <br />Phone: 574/235 -9216 Fax: 574/235-9928 TDD: 5741235 -5567 l �� <br />