10-15-03 Informal Meeting - Laserfiche WebLink

Home Browse Search

Informal ivieeting of the South Bend Common Council October 15, 2UO3 Page 2 has been capped at$6.5 million dollars for the building. Mr. ivicDonneii noted that there have been significant changes which include: 1. Change of Director; 2. Creating a community-based board, which currently has three (3) board positions open; and 3. Proposing creative ways to raise revenues. Mr. John G. Farrell, Treasurer of the Board of Trustees for the Studebaker National Museum then provided the Council Members with a 3-page handout entitled "Studebaker National Museum inventory of Vehicles Owned by the City of South Bend"dated October 14, 2003 (copy attached). He noted that revenue is key. He then briefly highlighted Attachment A in the business plan noting that it sets forth "best case", "probable case" and "worst case" scenarios. He reviewed the "Operating Revenues" projected under each of these categories and noted that in 2003 the following operating revenues would be needed: Best Probable Worst 2UO3 Operating Revenues: $620,203 $620,203 $620,203 2003 Operating Expenses $616,958 $616,958 $620,203 Mr. Farrell noted that the Board has discussed such items as an adopt-a-car program as one way to reduce reliance on City funding. Mr. Farrell noted that the City's projected funding would be $172,000 in 2003, 2004, and 2005; and$189,000 in 2006, 2007,2008 and 2009. Their goal is to raise $3.0 million to address possible shortfalls and to provide an endowment for educational programs and exhibitry. Becky Bonham noted that their budgets have been balanced in 2001-2003. Dr. Varner inquired about the situation if the endowment amount is not reached, in that event where would the funding come from for exhibitry? He noted that during the budget hearings, Mr. Hedman stated that the Century Center would not have a balanced budget and that their revenues are short for next year. He asked what would make the Studebaker Museum project different from the financial situation which is being projected for the Century Center. Ms. Bonham stated that they have dynamic exhibits which were show cased at the recent Hall of Champions Dinner. Dr. Varner voiced concern over the number of special events which the community could support. He suspected that the City of South Bend was near a saturation level. Mr. Gilot noted that the museum would also be pursuing grants. Mr McDonnell stated that the museum has a track record and feels good about the museum's position. Ms. Bonham stated that she feels better about this project than any project in which she has been involved. She highlighted that there are examples of individuals who are recommitting in light of the changes which have taken place. She noted that the South Bend Tribune has recommitted to its financial donation for the project,with several others reading like a"who's who list".