03-14-94 Community & Economic Development

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Community and Economic Development Committee March 14, 1994 Page 2 Vice-President of the University Affairs and the Legal Council will speak to the full Council this evening with regard to the University of Notre Dame's role. Lastly, Mayor Kernan noted that the hotel-motel tax bill was signed by Governor Bayh today. Funds will be used for pre-opening expenses such as marketing and promotion and possibly used for debt service, if necessary, in the future. A conservative figure of approximately 4 million dollars will be generated by the hotel-motel tax. Mayor Kernan noted that inlight of these guarantees 11 of the 14 million dollars is now in place. Excess revenues from the Hall may also be used to pay down any indebtednes s. In response to a question raised by Councilmember Zakrzewski regarding TIN,the revenue stream was then explained to the Committee. g g Mr. Kevin Horton reviewed the hand-out entitled "HOF FINANCING PLAN" (copy attached). It was noted that the debt service years would be 1994 through 2019. Mr. Horton, utilizing the attachments, clearly showed that there would 0 Y g x always money pay s be TIF mone to a for the Football Hall of Fame. Mr.Horto n explained lained the financing for both the Century Center improvements and the Hall of Fame. He noted that for the Hall of Fame the net debt service would be $5, 715, 026.00 which would come out of TIF or approximately 13 to 14 percent of the total TIF to supplement the Football Hall of Fame. He also stressed that this was a worse case scenario. Ann Kolata noted that there are currently six (6) TIF Bonds for approximately 15 million dollars. She agreed to provide further details on this topic at this evening's Common Council Meeting. that response to a question by Councilmember Ladewski, it was noted t at the escalator will be a part of the renovation of the Century Center. Mr. Brian Hedman then showed architectural renderings of the proposed changes which will total 2.6 million dollars. It was noted that the roof repairs would be some where between $650,000.00 to $750,000.00. Susan Visser stated that she believes it is a "Win, Win situation" and that with the changes the Art Center would be able to have a permanent collection gallery and their own entrance. If the Council acts favorably this evening, the construction on the Century Center would begin in July or August and be completed within a year. The timetable for the Football Hall of Fame was also highlighted(copy attached). Lastly, it was noted that the renovations to the Century Center would be by Allan Ritchie and the local architectural firm of MPA. It was noted that Mr. Ritchie was a partner of Philip Johnson of New York. During the public portion, Mr. Gene Oakley asked several questions regarding the financing. Mr. Nussbaum then reviewed the letters of March 2nd and March 10th regarding the guarantees for the Football Hall of Fame.