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South Bend Redevelopment Commission <br />Regular Meeting - December 6, 1996 <br />by 31 %. <br />He stated that Economic Research Associates <br />projected expenses to be $1,159,635 in 1995. <br />In fact, actual expenses totaled $1,412,123. <br />He stated that Economic Research Associates <br />underestimated expenses by 22 %. He stated <br />that Economic Research Associates projected <br />profits totaling $155,220 in the first twelve <br />months of 1995 and 1996, when in fact there <br />was a loss of $506,254 in the first twelve <br />months of 1995 and 1996. <br />Mr. Cierzniak stated that prior to the <br />Economic Research Associates' study, South <br />Bend's Hall Team estimated revenue to total <br />$903,260 in 1995, underestimating by only <br />.3 %. He stated that the South Bend Hall <br />Team estimated the first year expenses to be <br />$791,180, in 1995, underestimating expenses <br />by 78 %. <br />Jim Cierzniak felt Economic Research <br />Associates' revenue, expense and net <br />operating income projections, for the College <br />Football Hall of Fame, were not close to what <br />the actual numbers show for 1995 and 1996. <br />8. NEXT COMMISSION MEETING: <br />The next Regular Meeting of the NEXT COMMISSION MEETING <br />Redevelopment Commission is scheduled for <br />December 20, 1996 at 10:00 a.m. <br />9. ADJOURNMENT <br />There being no further business to come ADJOURNMENT <br />before the Redevelopment Commission, <br />Mr. Hunt made a motion that the meeting be <br />adjourned. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\120696.MIN -19- <br />