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CITY OF SOUTH BEND, INDIANA
<br />NOTES TO GENERAL-PURPOSE FINANCIAL STATEMENTS
<br />(Continued)
<br />Note 24. Bosch Project
<br />Through various agreements, to induce the Robert Bosch Corporation to retain and expand its cur-
<br />rentfacility, the City will finance various improvements and will purchase the property. The City
<br />received a $1,300,DOD loan from the State during 2001. A portion of this loan has been forgiven
<br />which leaves $1,040,000 payable to the State. Bosch will repay the City this same amount.
<br />During 2001, the City paid $1,500,000 for the purchase of the Bosch property, which has been capi-
<br />talized in the City's generalfxed assets. As shown in the agreementforthe use and rehabilitation
<br />of real property, the City will reroute Bendix Drive from its current path which is through the Bosch
<br />property. The agreement requires the rerouting to be completed before December 31, 2004. The
<br />Ci#y is in the planning phase for this relocation project.
<br />The City will receive an additions! $1,000,000 state loan, a $1,000,000 state grant, and $500,000
<br />loan from each of two development corporations. St. Joseph County has committed $1,000,000 in
<br />grants over the next three years for this project. Bosch will repay $4,000,004 to the City for the
<br />state loan, state grant, and development corporation financed improvements. This repayment
<br />amoun# may be reduced by up to $2,000,000 if certain employment conditions are maintained.
<br />Finally, the City anticipates expending $3,500,000 from its TIF -Airport Fund for this project.
<br />During 2000, the City has entered into various agreements related to inducing the Robert Bosch
<br />Corporation to retain and expand its facility in the City.
<br />Note 25. operating Lease Receivable
<br />The City has entered into an operating lease with Palisades Baseball, inc., for the use manage-
<br />ment,and operations of the Coveleski Regional Stadium. The agreemen# extends through Decem-
<br />ber 31, 2008. For 2001, lease payments due from Palisades totaled $200,000. As of December
<br />31, 2001, a total of $346,000 is due from Palisades, which includes amounts from 2000 and 2001.
<br />An allowance for uncollectibles of $146,000 has been estimated.
<br />Nate 26. Con#ingencies
<br />College Football Hall of Fame Operations
<br />The City's General Fund has advanced a total of $1,150,000 to the College Football Hal! of Fame
<br />Fund in various amounts during the years from 199fi to 1999. The City has always recognized that
<br />these advances would be repaid from excess operating revenues of the Hall of Farne. No payment
<br />schedule has been established. Beginning with 1996, the first full year of operations, through 2000,
<br />the Hal! of Fame financial statements show net losses ranging from $521,345 tv $1,481,657.
<br />During 2001, the City turned over the operations of the Hall of Fame to the National Football
<br />Foundation and College Football Hall of Fame, Inc., NFF}. The interim agreement authorizing the
<br />NFF to operate the Hall of Fame shows that NFF has contributed $1,900,000 to cover operating
<br />deficits of the Hall of Fame during the prior to December 31, 2000.
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