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Home My WebLink About9721-06 Changing Fund #377 Name and Transferring $500,000 to Fund # 677 and approp. $100,000ORDINANCE No. 9721-06 Passed by the Common Council of the City of South Bend, Indiana November 27, 20 06 Attest: f Attest: ~ ,- ~,~rr~'~/ ~ /~ Presented by me to the Mayor of the City of South Bend, Indiana November 28, 06 20 Ciry Clerk President of Common Council Approved and signed by me November 29 20 06 Ciry Clerk Mayor ORDINANCE NO. ~ Z'~' AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CHANGING THE NAME OF FUND 377 FROM "HALL OF FAME" TO "PROFESSIONAL SPORTS DEVELOPMENT" FUND (PSDF), TRANSFERRING $500,000 FROM FUND N0.377 TO FUND NO. 677 -HALL OF FAME OPERATIONS, FOR USE ON HALL OF FAME CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS, AND APPROPRIATING $100,000 FROM FUND N0.377 FOR USE BY CENTURY CENTER ON CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS STATEMENT OF PURPOSE AND INTENT Pursuant to Indiana Code § 36-7-31.3-1 et seq., the City of South Bend designated a Professional Sports Development Area within downtown South Bend through Resolution No. 2522-97 effective November 12, 1997. Among other things Resolution No. 2522-97 established a South Bend Professional Sports Development Tax Area for The College Football Hall of Fame, Century Center, Stanley Coveleski Center, Morris Civic Auditorium, Palais Ballroom and Studebaker Museum. At this time it is necessary to identify Fund 377 (formerly called Hall of Fame fund) as the Professional Sports Development Fund (PSDF) and to do two other things: (1) transfer $500,000 from Fund 377 to Fund 677 -Hall of Fame Operations for use on capital projects permitted by PSDF dollars and (2) appropriate $100,000 for use by Century Center on capital projects permitted by PSDF Dollars. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: Section I. Fund No. 377 is hereby formally re-titled the Professional Sports Development Fund (PSDF) to be used for those purposes permitted by law within South Bend's Professional Sports Development Area as described in Common Council Resolution No. 2522-97. Section II. The sum of $500,000 shall be transferred from PSDF Fund No. 377 to Hall of Fame Operations to Fund No. 677 cash balance for the purposes of establishing a "capital reserve" as outlined in section 7 of the Second Interim Management Agreement. These dollars may only be used for Hall of Fame capital projects permitted by PSDF dollars and require appropriation before use. Section III. The sum of $100,000 is hereby appropriated within Fund No. 377 to be transferred to Century Center for use on capital projects permitted by PSDF dollars. Section IV. This Ordinance shall be in full force and effect from and after adoption by the Common Council and approval by the Mayor. ~'- ./ , Member, South d Common Council Attest: City Cler Presente y me to the Mayor of the City of South Bend, Indiana on the Zg ~ day of ~p~vr,-.~.e~y , 2 Ooh , at '-~~ o'clock ~. m. ^us~ City C1 !~~ y~ Approved and signed by me on the 0~9 day of _, ~ , 2~'~'w , at g=,3~~ o'clock a . m. Mayor, City o outh Bend, Indiana 1st READING (1~ ~ ~ -O~ PU6LIC HEARii ._ I I-LZ-O~° '3 rd READING (~-z-Z -vtO NOT APPROVED REFERRED PASSED ~'~~2-~' DSO F1~?~ iCP'r~'~ ~~~lCf: f~OV 8 2006 {Ci~+F1 b`vc~quE C'T`t CL~;:ci:, SCI.6E.t1~,1"!. TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 84-06 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CHANGING THE NAME OF FUND 377 FROM "HALL OF FAME" TO "PROFESSIONAL SPORTS DEVELOPMENT" FUND (PSDF), TRANSFERRING $500,000 FROM FUND N0. 377 TO FUND NO. 677 - HALL OF FAME OPERATIONS, FOR USE ON HALL OF FAME CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS, AND APPROPRIATING $100,000 FROM FUND NO. 377 FOR USE BY CENTURY CENTER ON CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. Karen L. White Chairperson COUNTY-CITY BUILDING 227 W. JEFFERSON BLVD. SouTTI BEND, INDIANA 46601-1830 PHONE 574/235-9216 FAx 574/235-9928 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LLIECKE, MAYOR DEPARTMENT OF ADMINISTRATION AND FINANCE M. CATHERINE FANELLO CONTROLLER November 8, 2006 Mr. Timothy Rouse, President South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: Professional Sports and Development Monies and Hall of Fame Capital Reserve Dear President Rouse: Attached for the consideration and approval of the South Bend Common Council is an ordinance requesting that the name of Fund 377 be formally re-titled Professional Sports and Development Fund (PSDF). This is the main source of revenue for this fund. It is not only used for Hall of Fame but is now being used to also provide support for Century Center capital needs. The ordinance also requests transfer of PSDF dollars to fund a capital reserve for the Hall of Fame as outlined in the Second Interim Management Agreement. The fund we may use for this is fund 677 properly titled,Ha11 of Fame. The appropriation of dollars to transfer to Century Center is also included. These dollars are transferred to Century Center by the City and must be used only on items permitted by PSDF state law. Please feel free to call me if you have any questions. Thank you for your favorable consideration of these ordinances. Sincerely, ,%' Catherine Fanello City Controller Attachments ~~ ~. ,~~J .~ d~iliFi ~/()~Ruc JANICE L. HALL LIZ ROWS THOMAS SKARBEK SUSAN WALIACE ROBERTALLEN DIRECTOR DIRECTOR DIRECTOR MANAGER DIRECTOR HUMAN RESOURCES CITY FINANCE BUDGETING ~ FINANCIAL REPORTING BENEFITS INFORMATION TECHNOLOGY