9721-06 Changing Fund #377 Name and Transferring $500,000 to Fund # 677 and approp. $100,000

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ORDINANCE NO. ~ Z'~' AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CHANGING THE NAME OF FUND 377 FROM "HALL OF FAME" TO "PROFESSIONAL SPORTS DEVELOPMENT" FUND (PSDF), TRANSFERRING $500,000 FROM FUND N0.377 TO FUND NO. 677 -HALL OF FAME OPERATIONS, FOR USE ON HALL OF FAME CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS, AND APPROPRIATING $100,000 FROM FUND N0.377 FOR USE BY CENTURY CENTER ON CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS STATEMENT OF PURPOSE AND INTENT Pursuant to Indiana Code § 36-7-31.3-1 et seq., the City of South Bend designated a Professional Sports Development Area within downtown South Bend through Resolution No. 2522-97 effective November 12, 1997. Among other things Resolution No. 2522-97 established a South Bend Professional Sports Development Tax Area for The College Football Hall of Fame, Century Center, Stanley Coveleski Center, Morris Civic Auditorium, Palais Ballroom and Studebaker Museum. At this time it is necessary to identify Fund 377 (formerly called Hall of Fame fund) as the Professional Sports Development Fund (PSDF) and to do two other things: (1) transfer $500,000 from Fund 377 to Fund 677 -Hall of Fame Operations for use on capital projects permitted by PSDF dollars and (2) appropriate $100,000 for use by Century Center on capital projects permitted by PSDF Dollars. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: Section I. Fund No. 377 is hereby formally re-titled the Professional Sports Development Fund (PSDF) to be used for those purposes permitted by law within South Bend's Professional Sports Development Area as described in Common Council Resolution No. 2522-97. Section II. The sum of $500,000 shall be transferred from PSDF Fund No. 377 to Hall of Fame Operations to Fund No. 677 cash balance for the purposes of establishing a "capital reserve" as outlined in section 7 of the Second Interim Management Agreement. These dollars may only be used for Hall of Fame capital projects permitted by PSDF dollars and require appropriation before use. Section III. The sum of $100,000 is hereby appropriated within Fund No. 377 to be transferred to Century Center for use on capital projects permitted by PSDF dollars. Section IV. This Ordinance shall be in full force and effect from and after adoption by the Common Council and approval by the Mayor.