HomeMy WebLinkAboutAppropriating $500,000 from City of South Bend General Fund College Football Hall of FameORDINANCE No. 8711
Passed by the Common Council of the City of South Bend, Indiana.
Attest:
Attest.
August 26, 19 96
Presented by me to the Mayonof the City of South Bend, Indiana
City Clerk
President of Common Council
August 27, 19 96
Approved and signed by me o2 19_
City Clerk
Mayor
0
ORDINANCE NO. 3711— / 1
AN ORDINANCE OF THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND, INDIANA,
APPROPRIATING $500,000
FROM THE CITY OF SOUTH BEND GENERAL FUND
TO THE COLLEGE FOOTBALL HALL OF FAME OPERATING FUND
STATEMENT OF PURPOSE AND INTENT
The Common Council of the City of South Bend, Indiana has
determined that it is in the best interest of the City of South
Bend, that it appropriate the sum of $500,000 from the City of
South Bend General Fund to the College Football Hall of Fame
Operating Fund in order to fund activities to market and promote
the College Football Hall of Fame. It is contemplated that
overtime the $500,000 appropriation from the City General Fund will
be replenished from excess revenues of the College Football Hall of
Fame.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS:
SECTION I. The following sum is hereby appropriated and
ordered set apart from and within the indicated funds of the City
of South Bend:
ACCOUNT NO. DESCRIPTION AMOUNT
101.0401.415.50.02 General Fund $500,000
SECTION II. This ordinance shall be in full force and
effect from and after its passage by the Common Council and
approval by the Mayor.
1 st READING i- /2 -//96
PUBLIC HEARINGS j6 j6—q6
rd READING 9'1126 9S
0.T APPROVtD
i' - -RRED
PASSED 5-,;y,-96
Member, South Bend Commo Council
Filed in Clerk's Office
AUG 7 - 1996
LORETTA J. DUD€
CITY CLERK, 90. BEND, IN.
W vE T
City of South Bend
Joseph E. Kernan, Mayor
Department of Administration and Finance
Kevin C. Horton
August 7, 1996
Mr. Roland Kelly, President
South Bend Common Council
4th Floor, County -City Building
South Bend, IN 46601
Re: An Ordinance Appropriating $500,000 from the
General Fund to the College Football Hall of
Fame Operating Fund
Dear Mr. Kelly:
The attached ordinance is for purposes of providing the
matching funds with the National Football Foundation as a capital
injection into the College Football Hall of Fame.
The source of funds will be the General Fund Reserves. The
funds will be repaid when the Hall is financially capable of
doing so at a rate consistent with the rate of return earned on
General Fund investments during the period that the loan is
outstanding.
This is the second advance to the Hall. The first was in
December 1995. This will be repaid in three years from the South
Bend Central Business District TIF in $200,000.00 installments,
the first in 1996.
These proceeds will be used to make investments in
marketing, promotion and fundraising efforts with the goal being
to leverage additional ongoing revenues of $800,000.00 to $1.5
million a year. At the latter level, the Hall can pay off both
principal and interest on the bonds through the year 2019 or
maturity.
County -City Building • South Bend, Indiana 46601 • 219/235 -9216 Fax 219/235 -9928
Catherine A. Hubbard Jeffrey A. Rinard Isabel Gonzalez Ronalda Minnis Gatha Vaughn
Director Human Resources Finance Director Safety & Risk Manager Benefits Manager Barrett Law
Mr. Roland Kelly
August 7, 1996
Page 2
The NFF has committed a $1.0 million over 2 years. The
Friends of the Hall of Fame are committing to $500,000.00 over 5
years.
We believe that leveraging $1.0 million in City resources
into $2.5 million in total resources is a good business move on
our part and will provide the proper breathing room for the Hall
to reach a level of self - sufficiency.
Sincerely,
;Kevin C. Horton
City Controller
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COMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee
to whom was referred
BILL NO.
68 -96 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, APPROPRIATING $500,000 FROM THE CITY OF SOUTH
BEND GENERAL FUND TO THE COLLEGE FOOTBALL HALL OF FAME
OPERATING FUND
Respectfully report that they have examined the matter and that in their opinion this bill
has been recommended to the Council favorably.
Cleo Washington
Chairman