08-26-96 Personnel & Finance - Laserfiche WebLink

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• r Y Committee Report Personnel and Finance Committee August 26, 1996 Page 2 that the liability would only compound if the City does not make an investment at the current time. He also noted that the U.S. Postal Services, Coca Cola,Alka Seltzer and Burger King have made a commitment with regard to sponsorship which he believes will continue into the future. Mr. Bernie Kisch stated that the monetary commitment he would consider to be a sacred trust. Richard Nussbaum stated that there would be an equal sharing of profits rather than by the terms of the original agreement with further details being worked out. Mr. Horton further noted that there will be an amended budget for 1996 which will be submitted to the Common Council. Dr. Varner noted that it was his understanding that this arrangement would be in lieu of bond guarantees. That over time, the total obligation would be approximately $27,000,000. He questioned how much money was being earmarked for capital reserves and was revised that at the current time none is being dedicated. He stated that he believes the Common Council should have access to the draft of the business plan and believes that there's too much after the fact financing by the City. Dr. Varner suggested that this Bill be tabled, however noted that he was not on the Personnel and Finance Committee. Under the public portion, Marge Shalman questioned whether the NFF has paid $500,000. She was advised by Mr. Horton that the payment has been received and with this payment the City was able to make the three payment test, She noted that with the appropriations at tonight's meeting, that there would be interest on interest resulting. Mr.Jim Czerzniak voiced concern with regard to bond guarantees now being off the table and spoke against the proposed appropriation. Louanna Hummel noted that she has two sons in the Football Hall of Fame and is a sports fanatic. She stated that she believes the general public has been misinformed and believes that money could be better spent for such things as Kennedy Pool since the children need such activities. Council Member Washington agreed that West Side and Kennedy Pool need to be addressed, however, cautioned that the cost is prohibitive in light of the status of the Kennedy Pool. Council President Kelly stated that the City did overestimate, however, there was no misrepresentation. He stated that we must stay with the Football Hall of Fame so that it can be success. Mr. Horton noted that the Football Hall of Fame is not on the tax levy and that reserve monies would be going into the appropriation. He is making this recommendation so that the Football Hall of Fame would not be on the tax levy. Dr. Varner stressed that a business plan is critical and necessary. Council Member Luecke stated that he believes the appropriation would be appropriate and necessary in order to make a further investment with the NFF in the marketing effort. Council Member Coleman stated that two elements basically aggressive marketing and a partnership with the NFF is necessary for the Football Hall of Fame to be a success.