Fiscal Note
Under the binding letter of intent authorized by this resolution, the City would agree to provide right-of-way access, security services and other customary governmental services at no charge, in the event that 2016 Olympic cycling events are held in the Madison area. The City would also agree to suspend normal fees and charges for any required licenses and permits and would grant exclusive ticket sales, media and advertising rights to the Olympic organizers. The potential costs and foregone revenues associated with this agreement have not been estimated, and any budgetary impacts would require future Council authorization. The Option Agreement for Advertising Space also authorized by this resolution would grant to the Olympic organizers an exclusive option to purchase all Transit advertising space during the 12 week "Games Advertising Period" at a pre-determined price, consistent with rates that would normally be in place at that time if the Olympic games were not present.
Title
Authorizing the Mayor and Clerk to execute an Option for Advertising Space and Letter of Intent concerning the City's participation in the 2016 Olympics and Paralympic Games Cycling Events.
Body
Preamble
The City of Madison, State of Wisconsin and Dane County have been invited by the City of Chicago and Chicago 2016 to participate in the staging of the road cycling, cycling time trial and mountain biking events (“Cycling Events”) during the 2016 Olympic and Paralympic Games. The City of Chicago and Chicago 2016 have asked the City of Madison to be a party to a binding agreement with Dane County and the State of Wisconsin (the “Letter of Intent”) and an Option for Advertising Space under which each governmental entity will guarantee and agree, to the extent of its statutory and corporate authority, to fulfill certain obligations with respect to the Cycling Events and the 2016 Games.
Under the Letter of Intent, the City of Madison agrees to provide the following to the Ci...
Click here for full text