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Appropriating $500,000 from City of South Bend General Fund College Football Hall of Fame
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Appropriating $500,000 from City of South Bend General Fund College Football Hall of Fame
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Last modified
9/11/2012 4:15:02 PM
Creation date
9/11/2012 11:58:56 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/26/1996
Ord-Res Number
8711-96
Bill Number
68-96
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W vE T <br />City of South Bend <br />Joseph E. Kernan, Mayor <br />Department of Administration and Finance <br />Kevin C. Horton <br />August 7, 1996 <br />Mr. Roland Kelly, President <br />South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, IN 46601 <br />Re: An Ordinance Appropriating $500,000 from the <br />General Fund to the College Football Hall of <br />Fame Operating Fund <br />Dear Mr. Kelly: <br />The attached ordinance is for purposes of providing the <br />matching funds with the National Football Foundation as a capital <br />injection into the College Football Hall of Fame. <br />The source of funds will be the General Fund Reserves. The <br />funds will be repaid when the Hall is financially capable of <br />doing so at a rate consistent with the rate of return earned on <br />General Fund investments during the period that the loan is <br />outstanding. <br />This is the second advance to the Hall. The first was in <br />December 1995. This will be repaid in three years from the South <br />Bend Central Business District TIF in $200,000.00 installments, <br />the first in 1996. <br />These proceeds will be used to make investments in <br />marketing, promotion and fundraising efforts with the goal being <br />to leverage additional ongoing revenues of $800,000.00 to $1.5 <br />million a year. At the latter level, the Hall can pay off both <br />principal and interest on the bonds through the year 2019 or <br />maturity. <br />County -City Building • South Bend, Indiana 46601 • 219/235 -9216 Fax 219/235 -9928 <br />Catherine A. Hubbard Jeffrey A. Rinard Isabel Gonzalez Ronalda Minnis Gatha Vaughn <br />Director Human Resources Finance Director Safety & Risk Manager Benefits Manager Barrett Law <br />
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