10-27-97 Council Meeting Minutes

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REGULAR MEETING OCTOBER 27, 1997 is hereby designated, declared and determined to be a Professional Sports Development Area under the Act. SECTION II. The Common Council hereby finds that the Covered Taxes, as defined in the Act, Section 4, (the "Covered Taxes ") attributable to a taxable event or Covered Taxes earned in the Tax Area shall be allocated to the South Bend Professional Sports and Convention Development Area Fund, established pursuant to Section 14 of the Act. All of the salary, wages, bonuses, and other compensation that are (I) paid during a taxable year to a professional athlete for professional athletic services, (ii) taxable in Indiana, and (iii) earned in the Tax Area, shall be allocated to the Tax Area if the professional athlete is a member of a team that plays the majority of the professional athletic events that the team plays in Indiana in the Tax Area. Notwithstanding the foregoing provisions of this section 2, the revenues and Covered Taxes described in this Section 2 may not be allocated until this Resolution is approved by the Indiana Budget Agency. SECTION III. The Common Council determines that the foregoing allocation provisions shall apply to the entire Tax Area and shall expire on December 31, 2027. SECTION IV. The Common Council determines that the College Football Hall of Fame, Century Center, Coveleski Stadium, Morris Civic Auditorium /Palais Royale Ballroom, and Studebaker National museum, and the real estate upon which each facility is constructed are hereby designated as the facilities and the facility sites, for which the Tax Area has been established. SECTION V. The Common Council hereby directs that funds from the designated Tax Area will be used pursuant to the Act, I.C. 36-7 - 31.3 -19, for any one, or any combination of, the following: (a) a capital improvement that will equip, or the financing or refinancing or payment of lease payments for a capital improvement that will equip, the College Football Hall of Fame, a facility owned by the City and used for convention or tourism related events; or (b) a capital improvement that will equip, or the financing or refinancing or payment of lease payments for a capital improvement that will equip, Century Center, a facility owned by the City and used for convention or tourism related events; or (c) a capital improvement that will equip, or the financing or refinancing or payment of lease payments for a capital improvement that will equip, Morris Civic Auditorium /Palais Royale Ballroom, a facility owned by the city and used for convention or tourism related events; or (d) a capital improvement that will equip, or the financing or refinancing or payment of lease payments for a capital improvement that will equip, the Studebaker National Museum, a facility owned by the City and used for convention or tourism related events; or (e) a capital improvement that will equip, or the financing or refinancing or payments of lease payments for a capital improvement that will equip, Coveleski Stadium, a facility owned by the City and used for convention or tourism related events; or subject to appropriation by the Common Council. SECTION VI. The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto.