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01-24-11 Council Agenda & Packet
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01-24-11 Council Agenda & Packet
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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, APPROPRIATING $995,423 WITHIN PROFESSIONAL SPORTS <br />DEVELOPMENT FUND ( #377). <br />STATEMENT OF PURPOSE AND INTENT <br />On October 25, 2010, the South Bend Common Council enacted Ordinance No. <br />10045 -10 constituting the City of South Bend's budget appropriation for 2011. At that <br />time, the status was uncertain of the College Football Hall of Fame located in downtown <br />South Bend. Accordingly, South Bend's 2011 budget as enacted on October 25, 2010 did <br />not include appropriations for the College Football Hall of Fame. <br />At this time, it is agreed that the College Football Hall of Fame will remain open <br />and operational through all or most of the calendar year 2011. Consequently, the City <br />has certain financial obligations relating to the College Football Hall of Fame pursuant to <br />agreements with The National Football Foundation and College Football Hall of Fame, <br />Inc. This ordinance appropriates monies necessary for South Bend to meet its financial <br />obligations under these agreements. <br />In addition, on November 30, 2010, the South Bend Common Council enacted <br />Ordinance No. 10057 -10 approving the Coveleski Stadium Taxable Revenue Bonds of <br />2010 and pledging the use of Professional Sports Development (P$DA) revenue for <br />repayment of principal and interest on these bonds. The debt service amount due for <br />2011 is $395,423 and this amount was not included in the 2011 budget that was adopted <br />on October 25, 2010. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />Section I. The sum of $500,000 is appropriated and set aside within Professional <br />Sports Fund ( #377) to meet South Bend's minimum public funding obligation for the <br />College Football Hall of Fame pursuant to the terms of agreements with The National <br />Football Foundation and College Football Hall of Fame, Inc. This appropriation shall be <br />made on a pro rata or incremental monthly basis for as long as the College Football Hall <br />of Fame remains open and operational during calendar year 2011. <br />Section 11. The sum of $100,000 is appropriated within Professional Sports <br />Development Fund ( #377) and transferred to Century Center Fund 670 for funding <br />capital improvements. <br />Section III. The sum of $395,423 is appropriated and set aside within <br />Professional Sports Development Fund ( 4377) for the initial debt service payment due on <br />July 15, 2011 on the 2010 Coveleski Stadium Taxable Revenue Bonds. <br />
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