09-10-01 Personnel & Finance - Laserfiche WebLink

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• Personnel and Finance Committee September 10, 2001 Page 2 for the purposes of satisfying the City's obligation to the National Football Foundation. Mayor Luecke noted that Mr. Richard Nussbaum in the audience and credited him with negotiating the agreement which would transfer the operations of the Hall to the NW. The Mayor noted that the City operated the Hall until May 31, 2001. The minimum obligation of the city from the Professional Sports Development Fund is $ 150,000 which would be transferred to the NW; as well as a minimum of$ 350,000 from the Century Center funding of hotel/motel is required to be transferred by the city to the NW. Mr. Nussbaum stated that the transfer of operations over to the NFF is for a period of five (5) years. In response to a question from Dr. Varner, Mr. Nussbaum noted that the NFF is not required to pay rent for the facility. Council Member Coleman inquired about the feasibility of having a cap on investment for capital. The Mayor stated that there is no cap on such expenditures by the NFF, however he stated that they have had discussions on establishing an endowment fund. Council Member Coleman inquired how one would differentiate between needed capital items and ones wish list items. The Mayor stated that capital items which may be in dispute would be resolved by the State Board of Accounts acting as the arbitrator. Council Member Coleman stated that he strongly believes that the unspent monies should go into a sinking fund or an endowment fund to cover future roof, air conditioning, heating, field cover upgrades and repairs. Council Member Coleman stress that the issue is what is the most efficient use of the monies if more monies come in that projected. Mr. Nussbaum noted that there are reporting requirements which the NW must follow,noting that the next meeting will take place in October. Dr. Varner asked the City Administration to provide to the Council the statutory authority which permits the City to give to the NFF all of the personal property items in the Hall for $ 1.00 if the Hall is not ultimately successful, noting that the City has invested between $ 6-8 million in such artifacts with an additional $ 1 1/2 for upgrades to date. He expressed concern that there is little incentive for the NFF to be successful in light of the agreement. Mr. Czerniak voiced concern about the reporting provisions required of the NFF as well as his projected figure of$3/4 million would be spent by the City this year on the Hall. Mr. Nussbaum stated that the report would be made public and that it would be filed quarterly with the City. The Fall meeting of the Century Center Board of Managers is coming up and two (2) members of the Council are on that Board, namely Council Members Kelly and King. Mr. Nussbaum further noted that an additional appropriation ordinance would be required if additional monies are required of the city. Dr. Varner suggested that the NW report be sent to all of the Council and that a copy be filed with the City Clerk's Office.