Fiscal Note
The proposed resolution authorizes the 2021 contract between the City of Madison and the Overture Center. The 2021 budget adopted by the Common Council in November 2020, includes $1,500,000 as the City’s subsidy to support Overture operations, a $300,000 increase from the $1.2 million subsidy provided in 2020. The original 2020 subsidy amount of $2,095,000, approved in November 2019 was reduced to $1.2 million in July 2020, due to the impact of the economic effects of the global pandemic on room tax collections in 2020. The City’s contribution is authorized by the Room Tax Commission and fully funded through the Room Tax Fund.
See attached memo that summarizes Overture financial statements for the year ending June 30, 2020.
Title
Authorizing the Mayor and City Clerk to execute an Amendment to the Structural Agreement with Overture Center Foundation, Inc. and an Annual Performance Contract for the 2021 operations of the Overture Center, and providing for a grant from the City.
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, the City and OCF agree that it is their mutual best interests to renew the Structural Agreement for a period of one year, ending on December 31, 2021, to permit OCF to recruit and hire a new Chief Executive Officer who may review and provide input regardin...
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