Fiscal Note
Under the terms of this proposed agreement, and consistent with the resolution adopted in December of 2010, the City would provide an annual grant of $2,000,000 to Overture Center Foundation, Inc. in support of the continuing operation and capital improvement of the Overture Center beginning in 2012. This grant would be subject to appropriation by the Common Council as part of the annual City operating budget process and, in subsequent years, contingent upon fulfillment of the performance standards set forth in this agreement.
Title
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract with Overture Center Foundation, Inc. for the 2012 operations of the Overture Center, and providing for a grant from the City
Body
Preamble
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 201 State Foundation, Inc., (“201”). The Structural Agreement provides that the Overture Center will continue to be privately owned, but that effective January 1, 2012, 201 would operate and maintain the Overture Center using its own staff. The Structural Agreement sets forth various transactions to occur during the transition year of 2011, including treatment of City staff currently working in the facility, the governance structure of 201’s Board, and the creation of several other boards to advise on the operations of the facility. An executed copy of the Structural Agreement is attached to this Legistar file.
The Structural Agreement anticipated that the City would provide a grant to 201 in the amount of Two Million Dollars, subject to annual appropriation and subject to ...
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