Fiscal Note
The proposed resolution authorizes the 2025 contract between the City of Madison and the Overture Center. The 2025 budget includes $2,200,000 as the City’s subsidy to support Overture operations, a $20,000 increase from the $2,180,000 subsidy provided in 2024. The City’s contribution is authorized by the Room Tax Commission and fully funded through the Room Tax Fund.
Title
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract for the 2025 operations of the Overture Center, and providing for a grant from the City. (District 4)
Body
WHEREAS, 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 grant, and
WHEREAS, 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. with the term of the Structural Agreement being ten years, ending on December 31, 2020 with automatic renewal for five-year terms unless the Agreement is terminated, and
WHEREAS, on December 6, 2022, the Common Council adopted Resolution No. RES-22-00833, which authorized the Mayor and City Clerk to execute an Amended and Restated Structural Agreement (“Restated Structural Agreement”) with OCF renewing the original term of the Agreement for a period of ten years ending on December 31, 2032 and thereafter retaining automatic renewal terms of five years unless the Agreement is terminated, and
WHEREAS, the Restated Structural Agreement anticipates that the City will 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, and th...
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