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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2000 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />provide a level payment and a level interest rate. <br />The new bond will begin to make principle <br />payments immediately instead of waiting until <br />the year 2005, when they were initially scheduled <br />to begin. <br />Mayor Luecke noted that when the Hall of Fame <br />was first proposed, we had hoped that we would <br />be able to satisfy the cost of constructing and <br />outfitting the Hall through the sale of <br />sponsorships to corporations. Secondly, we had <br />pledged tax increment finance dollars to pay off <br />the lease revenue bonds if the revenue stream <br />from corporate sponsorship was not sufficient. <br />Third, the Redevelopment Commission provided <br />that if the first two sources of funds were <br />insufficient, the Commission would levy a tax to <br />make those payments. <br />Mayor Luecke explained that the City <br />Administration has come to the conclusion that <br />the first two sources of revenue are insufficient. <br />Clearly we have been unable to raise the <br />sponsorship dollars that we had hoped for, and <br />tax increment finance dollars are insufficient to <br />make the payments. We are asking the <br />Commission to levy the tax to support these <br />payments so that we can move forward on the <br />Hall of Fame. <br />Mayor Luecke noted that in connection with the <br />refunding, a number of things also are <br />happening. The original agreement with the <br />National Football Foundation said that they <br />would have to pay no dollars in support of the <br />College Football Hall of Fame here in <br />Q <br />