10071-11 Appropriation- $995,423 within Professional Sports

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ORDINANCE NO. L ~ ~ ~ ~ ~ ~' AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $995,423 WITHIN PROFESSIONAL SPORTS DEVELOPMENT FUND (#377). STATEMENT OF PURPOSE AND INTENT On October 25, 2010, the South Bend Common Council enacted Ordinance No. 10045-10 constituting the City of South Bend's budget appropriation for 2011. At that time, the status was uncertain of the College Football Hall of Fame located in downtown South Bend. Accordingly, South Bend's 2011 budget as enacted on October 25, 2010 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 the calendar year 2011. Consequently, the City has certain financial obligations relating to the College Football Hall of Fame pursuant to agreements 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 these agreements. In addition, on November 30, 2010, the South Bend Common Council enacted Ordinance No. 10057-10 approving the Coveleski Stadium Taxable Revenue Bonds of 2010 and pledging the use of Professional Sports Development (PSDA) revenue for repayment of principal and interest on these bonds. The debt service amount due for 2011 is $395,423 and this amount was not included in the 2011 budget that was adopted on October 25, 2010. NOV~I, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The sum of $500,000 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 agreements with The National Football Foundation and College Football Hall of Fame, Inc. This appropriation 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 2011. Section II. The sum of $100,000 is appropriated within Professional Sports Developrrient Fund (#377) and transferred to Century Center Fund 670 for funding capital improvements. Section III. The sum of $395,423 is appropriated and set aside within Professional Sports Development Fund (#377) for the initial debt service payment due on July 15, 2011 on the 2010 Coveleski Stadium Taxable Revenue Bonds.