I am a little unclear about your question.

You are looking for sponsors - does that mean selling ads to local businesses, getting contributions or looking for business partners?
What is: "We have a great package for our sponsor so I think, with savings of 2100 dollars."?

What is the exact nature of your publication?
Is it a community paper or a college/campus paper?
What are the reasons for the bad reputation and how do you plan to address that?

Have you started yet?
Just thinking about it?

I have quite a few years in specialty magazines, newspapers and direct mail marketing.
www.byconnie.com