Fiscal Note
The 2015 adopted budget authorizes $1.75 million in payments to the
Overture Center Foundation consistent with the proposed annual performance contract. See attached comparison of
Overture Center Foundation, Inc., 2013-14 financial statement with Annual Performance Contract provisions for more background information.
Title
SUBSTITUTE. Authorizing the Mayor and City Clerk to execute an Annual Performance Contract with
Overture Center Foundation, Inc. for the 2015 operations of the
Overture Center, and providing for a grant from the City.
Body
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 2014 Contract required OCF to submit its 2015 grant request to the City on or before August 1, 2014. OCF submitted a request for $1,750,000. Representatives of the City and OCF have met to negotiate the terms of the 2015 Annual Performance Contract.
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 Attorney, containing the following terms and conditions:
1. Term. The Annual Performance ...
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