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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2000 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />South Bend, that the City would cover all <br />obligations, both for the financing of the building <br />as well as for operating the Hall of Fame. <br />However, the National Football Foundation has <br />been a partner in moving the Hall forward and <br />has made over a million and a half dollars in <br />contributions toward deficits in running the Hall <br />since it has been open. What we have today is an <br />agreement with the National Football Foundation <br />for the next 5 years that they will take <br />responsibility for operation of the Hall, so any <br />shortcomings in operating the Hall will be <br />covered by the National Football Foundation. <br />That agreement also calls for hotel /motel tax <br />dollars to come to the Hall for promotion and <br />marketing of the Hall. The sponsorship dollars <br />that are in place in the level that we expect will <br />be used for operational subsidy of the Hall. The <br />Professional Sports Development dollars that are <br />garnered by our local Professional Sports <br />Development area amount to about $150,000 per <br />year for the next 5 years. They will be available <br />for upgrading exhibits in the Hall and the interior <br />of the Hall of Fame. After that time, we expect <br />that those dollars will go into an escrow fund to <br />begin to build dollars to have money available <br />when it comes time to replace the roof on the <br />Hall, or to replace heating /air conditioning units, <br />or expenditures of that nature. I believe that the <br />agreement separates out responsibilities in an <br />appropriate manner. <br />The building is ours and we need to pay for it. <br />The operation of the Hall really is most important <br />to the National Football Foundation, though we <br />-5- <br />