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2001 Comprehensive Annual Financial Report
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2001 Comprehensive Annual Financial Report
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<br />CITY QF SaUTH BEND, INDIANA <br />NOTES TG GENERAL-PURPQSE FINANCIAL STATEMENTS <br />Continued} <br />The interim agreement is in effect until December 31, 2005. At that time, the NFF can terminate <br />their participation in the operations and the City shall reimburse the NFF the full amount of the NFF <br />contributions towards operations. The reimbursement will be made in five annual installments <br />beginning December 31, 2005. If the NFF elects to continue their participation, then the City will <br />resume operating the Hall of Fame as it had done from 199fi to 2009. The $1,900,000 contingent <br />liability to the NFF is not recognized on the financial statements. <br />Project Future <br />The Common Council approved Resolution 3037-02 in which the City pledges support to Project <br />Future through the year 2006. Project Future promotes the City for economic development pur- <br />poses. The City has committed $110,000 for each year from 2042 through 2006 contingent upon <br />the fiscal condition of the City. <br />Lawsuits <br />There are several lawsuits pending in which the City is involved. The City Attorney estimates that <br />the potential claims against the City exceed $2,000,000. These lawsuits are at various stages of <br />court proceedings. <br />Note 27. Subsequent Events <br />The City has been awarded grants and loans totaling $5,951,150 to finance acquisition, demolition, <br />and environmental clean-up costs in the Studebaker-Oliver Project Area. <br />During 2002, the City and the State of Indiana announced that a retail business intends to build a <br />large distribution center within the City. The Gity estimates its investment in the project will be <br />approximately $5.5 million and will include land purchase and public improvements. The City's <br />estimated costs will be f nanced by a bond issue. Construction is expected to begin in July of 2002, <br />49 <br />
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