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Duth Bend Redevelopment Commission <br />pecial Meeting -March 11, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mayor Kernan noted that two years ago <br />when the Commission passed bond <br />anticipation notes for construction of the <br />Hall of Fame, we indicated that the <br />taxpayers of South Bend would be <br />protected from being taxed to pay for the <br />bond. The plan that is in place today <br />provides that protection. The National <br />Football Foundation, who are our <br />partners in the development of the Hall <br />of Fame, have stepped forward to <br />provide a $4,500,000 guarantee on the <br />bonds. In addition, a group of private <br />citizens will provide a $2,500,000 <br />guarantee. The plan is still to construct <br />the Hall of Fame through corporate <br />sponsorships and private donations, but <br />these guarantees provide the necessary <br />security to move ahead today. The <br />University of Notre Dame has also <br />agreed to provide human resources, <br />including Dr. Bill Sexton and Dr. Phil <br />Faccenda, to assist the fund raising <br />efforts. <br />This funding package also includes the <br />recent passage by the Indiana General <br />Assembly of a 1 % increase in the <br />Hotel /Motel Tax which will be used as <br />an insurance policy for the debt <br />financing. Mayor Kernan will be asking <br />the Hotel /Motel Board of Tax <br />Commissioners to appropriate the first <br />year to the first year and a half of those <br />funds to pre- opening costs associated <br />with the Hall of Fame, with an emphasis <br />-4- <br />