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RM 07-16-93
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RM 07-16-93
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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />The conclusions of the report are that <br />the development of the College Football <br />Hall of Fame, as currently proposed on <br />a site in the City of South Bend, <br />Indiana, would result in a specialty <br />attraction that is projected to: <br />1. Draw approximately 162,000 <br />attendees in its first year and begin <br />drawing over 195,000 in its sixth <br />year. <br />2. Generate approximately $2,000,000 <br />in earned operating revenues in its <br />first year and close to $2,500,000 in <br />earned operating revenues in its <br />tenth year (following a short decline <br />to approximately $1,900,000 in <br />years two and three). <br />3. Incur an approximate annual average <br />of $1,900,000 in operating <br />expenses. <br />4. Attain an operating income of <br />approximately $155,000 in year one. <br />Following a short decline for years <br />two and three, it will begin <br />increasing to approximately <br />$540,000 to $560,000 in years six <br />and beyond. <br />5. These figures do not include the <br />initial development costs nor an <br />annual new exhibits development <br />fund. <br />Ms. Auburn asked if ERA ever found <br />that some of the proposed halls of fame <br />or other attractions would not be <br />successful. Mr. Martin responded that <br />-5- <br />
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