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<br />"V ~ COLLEGE FOOTBALL HALL OF FAME (Fund #677 8 #377)
<br />(continued)
<br /> Proposed
<br /> 1998 1999 1999 Anticipated 2000
<br /> ActuaM Projection Budget Change Budget
<br />FINANCING REVENUE:
<br />Friends of the Hall Confibutions 179,500 90,000 85,000 (15,000)] 70,000
<br />Professional Sports Development Fund 173,840 178,310 150,000 0 150,000
<br />City of South Bend Contributed Capital 300,000 450,000 450,000 (450,000) k 0
<br />South Bend Central Development Area TiF 0 0 0 800,000 k 600,000
<br />Interest income 132,574 118,419 89,100 0 I 89,100
<br />TotalFlnaneing Revenue 785,914 838,729 774,700 135,000 909,100
<br />Finandng Revenue Inaease/(Deerease) 135,000
<br />Finandng Reverwe Increase/(Decrease) as a Percent 17.4%
<br />FINANCING EXPENDRURES:
<br />Interest Expense 623,413 565,572 785,250 0 m 785,250
<br />Letter of Credit Fees 3 Transaction Costs 82,248 84,630 81,181 1,800 82,981
<br />Remarketing Fees 22,437 21,919 21,813 0 21,813
<br />Trust and Other Finandng Fees 9,760 9,760 10,000 0 10,000
<br />Interest Rate Cap Cost /Interest "Rebate" 0 0 164,000 (164,000) n 0
<br />Accounting & Consulting Fees 600 4,950 10,000 (1,000) 9,000
<br />TotalFinancing Expenditures 738,458 686,831 1,072,244 163,200 909,044
<br />
<br />Finandng Expenditures inaease/(Deaease) (163,200)
<br />Finandng Expenditures Inaease/(Decrease) as a Percent -15.2%
<br />Financing Revenue net of Expenditures 47,456 149,898 (298.1441 56
<br />
<br />
<br />Total Revenue Over/(Under) Total Expenditures 113.207 X92 115 (68,986 27,216
<br />The HOF financial activity is recorded in four separate funds/bank accounts. In addition to the above noted City Funds (Fund #677 & #377), the HOF also rewrds
<br />finandal activity in a separate trust account (to service its outstanding $17,450,000 debt) plus a notdor-profit orgarrza8on ("Friends of the HaA'~ which records
<br />deductible contributions made to fund the HOE. In order to more aeaaately report the HOF actual rest~ts for the year ended 12/31/98, the above column indudes
<br />ALL activity relating to the HOF {not just the activity in Fund #677 Ź). The 1999 & 2000 Budgets recorded in Fund #677 reflect ALL projected activity for the HOE.
<br />NOTES:
<br />a -Projects attendance for 2000 at 75,000 at an average admission price of 54.50,
<br />b -Reflects admissions estimates for 2000 and antidpated activity based upon 1999 actual levels.
<br />c -Reflects the anOdpated rental revenue to be received for 10 months once a new (ease is signed with a restaurant repladng Burger IOng.
<br />d - Projects a break-even far this event.
<br />e -Reflects amount approved by the HoteVMotel Tax Board -this 15.1% increase represents 1°h out of the 6% of total hotel/motel tax collected.
<br />f -Reflects the Pepsi $200,000 sponsorship plus 550,000 from a sponsor axrendy under discussion. No wmmissions would be paid at this level.
<br />g -Assumes the NFF commitment at the same level it was in 1999.
<br />h -Reflects general staff restruchaing and the elimination of one position (Coo~nator of Education).
<br />i -Reflects projected reduction in marketing budget
<br />j -Projects oNy aarent commitments for "Friends of the Hall" scheduled contributions. Reduction reflects $20,000 of contributions prepaid in 1999 (originally
<br />scheduled to be received in Z000).
<br />k -Assumes that the net debt service shortfall will be funded by the SB Central Development Area Tax incremental Finandng Fund (SBCDA TIF) for the year 2000
<br />oNy. -These funds will be available through the utilization of a speafic 51.3 million reserve that has been ear-marked in the T1F Fund for the HOF debt service.
<br />I -Assumes 4.5% investment return on the "3 payment test" reserve balance of $1,980,000.
<br />m -Assumes 4.5% average interest rate for the entire year of 2000 (same assumption used in 1999). Actual 1998 and 1999 average annual rates were 3.50°h
<br />and 3.24°k, respectively.
<br />n -During 1994, the City purchased an interest rate cap for the variable rate $17,950,000 bond. This interest rate cap (5 year contract that maintained a 7%
<br />ceiling on the interest rate) matured during 1999. The City has not opted to renew this interest rate protection on the outstanding bond at this time since
<br />fhe interest rate environment did not warrant the rertewal. Dewing 1999 the City was required to calculate an interest "rebate" based upon the rules regrdating
<br />the bond's interest arbitrage. The Citys Fnandal Advisors (Murudpal Consrltants/Crowe Ctuzek) determined that no arbitrage interest was due and thus
<br />the budgeted amount for both these Items (nterest rate arbitrage payment and interest rete protection) was not needed in 1999.
<br />CFHOF Fund #677 3#377 qsh balances as of 12/31/98 474,787
<br />1999 projected total revenue over/(under) total expenditures (92,115)
<br />Projected CFHOF Fund #677 3 #377 cash balances as of 12/31/99 382.672
<br />~e.~.s...~..~...-.....v..,-----....e.e.,.-......~,
<br />DEC 0 1 i~99
<br />~~.
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<br />CTzY ALE;:`:, F'~. f'"; I~+, E ;,
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