Fiscal Note
The proposed Agreement includes several changes to the financial terms, as highlighted below. A detailed comparison is included as an attachment to this resolution. It is estimated that the net cost to the City will increase by $20,000 from an estimated $67,000 in 2006 to $87,000 in 2007, depending on the actual cost of the event. Funds are available in the Room Tax Fund.
1. The base cost absorbed by the City increases from $50,153 per year to $73,000 in the first year, and is increased each year by the lesser of 3% or CPI. (Note: In 2005, the City absorbed an additional $9,237 in base costs because MFF reached its maximum reimbursement.)
2. MFF's maximum reimbursement to the City remains at increases from $50,000 per year to $73,000 in the first year and but will be increased each year by the lesser of 3% or CPI.
3. MFF's contribution to the Warner Park Community and Recreation Center (WPCRC) changes from a percentage of R&B profit or stated minimum ($4,360 in 2006) to a flat $4,000 per year.
4. MFF is no longer required to pay the standard usage fee for WPCRC on the day of the event (average of $550).
5. The City's base cash contribution to MFF increases from $11,750 to $17,775 each year.
Title
SUBSTITUTE - Authorizing the Mayor and City Clerk to enter into an Agreement with Madison Fireworks Fund, Inc., to provide an annual Independence Day fireworks celebration, commonly known as Rhythm & Booms, at Madison's Warner Park, for the years 2007 through 2011.
Body
WHEREAS, since June 1996, the City of Madison ("CITY") has partnered with Madison Fireworks Fund, Inc. ("MFF") to furnish an annual Independence Day Celebration at Madison's Warner Park, known commonly as Rhythm & Booms; and
WHEREAS, City wishes to continue the partnership with MFF for Rhythm & Booms for the years 2007 through 2011; and
WHEREAS, MFF will arrange, manage and operate all aspects of the Independence Day celebration, including contracting with ...
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