Fiscal Note
The proposed resolution authorizes the 2024 contract between the City of Madison and the Overture Center. The 2024 budget includes $2,180,000 as the City’s subsidy to support Overture operations, an $85,000 increase from the $2,095,000 subsidy provided in 2023. The City’s contribution is authorized by the Room Tax Commission and fully funded through the Room Tax Fund.
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Authorizing the Mayor and City Clerk to execute an Annual Performance Contract for the 2024 operations of the Overture Center, and providing for a grant from the City (District 4).
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Title
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract for the 2024 operations of the Overture Center, and providing for a grant from the City (District 4).
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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 a 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 original Structural Agreement and the Restated Structural Agreement anticipate that the City will provide an annu...
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