City of Madison - File #: 19058

• File #: 19058
• Version: 2
• Name: Overture Comfort Resolution
• Type: Resolution
• Status: Passed
• File created: 6/30/2010
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 8/3/2010
• Final action: 8/3/2010
• Enactment date: 8/4/2010
• Enactment #: RES-10-00705
• Title: SUBSTITUTE - Resolution authorizing the Mayor and City staff to negotiate with the Madison Cultural Arts District and to recommend a plan for the City’s role in the long-term viability of the Overture Center, to include certain elements in any plan, and to present the City’s role in the plan and any city agreements to the Common Council for approval.
• Sponsors: David J. Cieslewicz, Mark Clear, Lauren Cnare, Michael E. Verveer

Date	Ver.	Action By	Action	Result
8/3/2010	2	COMMON COUNCIL	Adopt	Pass
7/26/2010	1		RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER
7/26/2010	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
7/20/2010	1	COMMON COUNCIL ORGANIZATIONAL COMMITTEE (ended 4/2017)	Return to Lead with the Following Recommendation(s)	Pass
7/6/2010	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
7/6/2010	1	COMMON COUNCIL	Referred
7/1/2010	1	Mayor's Office	Referred for Introduction

Fiscal Note
Adoption of this comfort resolution has no direct budgetary impact other than the commitment of staff resources to conduct studies, prepare reports and negotiate agreements pertaining to the future ownership and operation of the Overture Center. Any provisions of those agreements that have a budgetary impact on the City will require Common Council authorization and inclusion in future operating and capital budgets.

Title
SUBSTITUTE - Resolution authorizing the Mayor and City staff to negotiate with the Madison Cultural Arts District and to recommend a plan for the City’s role in the long-term viability of the Overture Center, to include certain elements in any plan, and to present the City’s role in the plan and any city agreements to the Common Council for approval.

Body
WHEREAS, the Madison Cultural Arts District (MCAD) operates the Overture Center for the Arts; and

WHEREAS, the Overture Development Corporation (ODC) owns the facility, and ODC’s functions have been absorbed by MCAD; and

WHEREAS, the City of Madison (City) supports MCAD with an annual payment, pursuant to the Operation and Cooperation Agreement between the City and MCAD, as amended (the Operation Agreement); and

WHEREAS, MCAD and ODC recently reached an agreement with its creditors to resolve issues related to all outstanding debt on the Overture Center building; and

WHEREAS, the debt resolution agreement is contingent upon certain actions by the City before December 31, 2010; and

WHEREAS, the 201 State Foundation also provides support to MCAD and the Overture Center; and

WHEREAS, it is in the best interests of the City, MCAD, ODC and the 201 State Foundation to prepare new agreements to place the operation of Overture on solid ground for the future;

NOW, THEREFORE, BE IT RESOLVED:

1. That the Mayor and City staff shall negotiate with MCAD, ODC and the 201 State Foundation in order to present to the Common Council new agreements to govern the future ownership a...