Fiscal Note
The proposed resolution authorizes the 2018 contract between the City of Madison and the Overture Center. The 2018 Adopted Budget includes $1.9 million as the City’s subsidy to support Overture operations. The 2018 funding level is consistent with the 2017 budget when the City’s annual contribution was increased from $1.75 million to $1.9 million. The City’s contribution is fully funded by through the Room Tax Fund.
Title
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract with Overture Center Foundation, Inc. for the 2018 operations of the Overture Center, and providing for a grant from the City.
Body
On December 14, 2010, the Common Council adopted Resolution No. RES-10-00996, File No. 20248, (the “2010 Resolution”) acknowledging private ownership and operation of the Overture Center, establishing a City commitment to future grants to Overture subject to annual appropriation, and setting forth the terms and conditions for such grants. The 2010 Resolution also authorized the City to enter into a long-term Structural Agreement with Overture Center Foundation, Inc. (“OCF”), formerly known as 201 State Foundation, Inc.
The Structural Agreement anticipated that the City would provide an annual grant to OCF, subject to appropriation and subject to the parties entering into an annual performance contract that would establish measurable performance standards for OCF. The City and OCF entered into the first annual performance contract for calendar year 2012. The OCF grant is being funded through room tax revenues as designated by the Room Tax Commission. The amount of the grant for 2018 is $1,900,000. Representatives of OCF appeared at a meeting of the Madison Arts Commission to provide information on the operation of OCF in the last year, and have provided other information to the MAC.
NOW THEREFORE, BE IT RESOLVED, that the Common Council authorizes the Mayor and City Clerk to execute an Annual Performance Contract with Ov...
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