The 2013 adopted budget authorizes $1.75 million in payments to the Overture Center Foundation consistent with the proposed annual performance contract. This proposed contract also moves the date of the first of two payments from March 1st to January 2nd. This should have minimal impact on city cash flows and investment earnings.
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract with Overture Center Foundation, Inc. for the 2013 operations of the Overture Center, and providing for a grant from the City.
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 grants. 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.
The Structural Agreement anticipated that the City would provide an annual grant to OCF, subject to appropriation and subject to the parties entering into an annual performance contract that would establish measurable performance standards for OCF. The City and OCF entered into the first annual performance contract for calendar year 2012. The 2012 Contract required OCF to submit its 2013 grant request to the City on or before August 1, 2012. OCF submitted a request for $2,000,000.Representatives of the City and OCF have met to negotiate the terms of the 2013 Annual Performance Contract. A copy of the draft 2013 Annual Performance Contract is attached to this Legistar file.
NOW THEREFORE, BE IT RESOLVED, that the Common Council authorizes the Mayor and City Clerk to execute an Annual Performance Contract with Overture Center Foundation, Inc., in a final form to be approved by the City...Click here for full text