Fiscal Note
The 2016 executive 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., 2014-15 financial statement with Annual Performance Contract provisions for more background information.
Title
Authorizing the Mayor and City Clerk to execute an Annual Performance Contract with Overture Center Foundation, Inc. for the 2016 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 2015 Contract required OCF to submit its 2016 grant request to the City on or before August 1, 2015. OCF submitted a request for $1,750,000. Representatives of the City and OCF have met to negotiate the terms of the 2016 Annual Performance Contract. Representatives of OCF also appeared at a meeting of the Madison Arts Commission to provide information on the operation of OCF in the last year.
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., i...
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