Fiscal Note
The proposed resolution authorizes the City to enter into a Use Agreement with Big Top Events LLC for the management of concessions, alcohol, events and facility operations at Breese Stevens Stadium for the ten year period of 2019 - 2028. As part of this agreement, the City will manage a capital project and provide a capital contribution of $1,300,000 toward the soccer-related improvements described in Attachment D of the agreement (“Soccer Improvements”).
A resolution proposed (Legistar File 51432) requests appropriation amending the 2018 Parks Division Capital Budget to authorize $650,000 in general obligation debt and $650,000 in park impact fee funding for the Soccer Improvements.
The annual facility rental revenue ranges from $68,000 in 2019 to $91,000 in 2028, increasing $2,000 to $3,000 per year. The total facility rental payments for the ten year period are $785,000.
The City will save approximately $34,000 annually in utility costs which will be reimbursed by Big Top Events LLC, bringing the total value of the ten year agreement to approximately $1,100,000.
If the agreement is extended, the value to the City would be another $170,000 in utility savings and $530,000 in facility use fees over the five year period.
Should the agreement not be authorized, there will be additional staff costs associated with the day-to-day operation of the facility.
Title
Authorizing the City to enter into Use Agreement with Big Top Events LLC for the management of concessions, alcohol, events and facility operations at Breese Stevens Stadium for 2019-2028 (2nd Ald. Dist.)
Body
WHEREAS, the City of Madison believes it is in the public’s interest to afford the residents and visitors of the City an opportunity to attend, participate in, and view athletic, sporting, concert, cultural, and special events at historic Breese Stevens Stadium in the rapidly developing East Washington corridor; and
WHEREAS, the City recognizes the considerable knowledge an...
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