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,%,,gh Bend Redevelopment Commission <br />al Meeting - March 11, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />on promotional activity. We need to <br />take advantage of the period between <br />ground breaking and the opening to <br />market and promote the Hall of Fame. <br />At the end of 1995, we will review the <br />fund raising efforts to see if future use of <br />the hotel /motel tax increase is needed to <br />cover any shortfall. If so, then all or <br />part of that increased revenue from the <br />hotel /motel tax would be available to use <br />for debt service. We conservatively <br />expect that that would cover about <br />$4,000,000 of the debt service. <br />Mayor Kernan noted that revenues from <br />the Hall of Fame could also be used to <br />cover debt service, if that was necessary. <br />Mayor Kernan stated that he feels the <br />financing plan put forward today is <br />better than the original plan for several <br />reasons: 1) It will help our fund raising <br />efforts to have the support of the <br />National Football Foundation. Their <br />participation should help insure the <br />success of the Hall of Fame; 2) The <br />commitment of citizens in the amount of <br />$2,500,000 demonstrates that there is <br />significant community support for this <br />project and demonstrates confidence that <br />this plan is going to work; 3) The <br />commitment from the University of <br />Notre Dame to take over the fund <br />raising. <br />-5- <br />