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uth Bend Redevelopment Commission <br />pedal Meeting - March 11, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Ms. Auburn noted that tax incremental <br />financing estimates vary because the <br />actual amount of TIF available is not <br />known until the taxes are paid. The <br />estimates are projected based on previous <br />years' tax collection and known new <br />development. Our consultants have been <br />extremely conservative in their <br />projections. <br />Steve Queior indicated the Chamber of <br />Commerce's strong support of this <br />project. Whereas a couple of years ago <br />the positive impact of the Hall of Fame <br />on South Bend's tourism was theoretical, <br />now, as the Bureau of Convention and <br />Tourism has begun to advertise the <br />potential Hall of Fame, the response has <br />been extremely positive. <br />Mr. CierLniak made the following <br />statement: That giant sucking sound. <br />We heard it yesterday as an uncritical <br />media responded with delighted squeals <br />of oh's and ah's to the news release of <br />Mayor Joseph E. Kernan which <br />proclaimed wonderful news. Yes <br />$7, 000, 000 of assured financing for the <br />College Football Hall of Fame has been <br />attained. Mayor Kernan had thus <br />reached his comfort level on the project <br />and we can now proceed to break <br />ground. Unfortunately, Kernan's <br />comfort level is not the same as that of <br />many citizens who have followed the <br />project for the past 20 months. <br />-9- <br />