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File #: 68072    Version: 1 Name: 2022 Overture Center Amendment to the Structural Agreement and Annual Performance Contract
Type: Resolution Status: Passed
File created: 10/26/2021 In control: MADISON ARTS COMMISSION
On agenda: 12/7/2021 Final action: 12/7/2021
Enactment date: 12/13/2021 Enactment #: RES-21-00797
Title: Authorizing the Mayor and City Clerk to execute an Amendment to the Structural Agreement with Overture Center Foundation, Inc. and an Annual Performance Contract for the 2022 operations of the Overture Center, and providing for a grant from the City.
Sponsors: Satya V. Rhodes-Conway, Michael E. Verveer, Syed Abbas, Regina M. Vidaver
Attachments: 1. OCF Financial Statements 2021 memo
Fiscal Note
The proposed resolution authorizes the 2022 contract between the City of Madison and the Overture Center. The 2022 budget to be adopted by the Common Council in November 2020, includes $1,600,000 as the City’s subsidy to support Overture operations, a $100,000 increase from the $1.5 million subsidy provided in 2021. The City’s contribution is authorized by the Room Tax Commission and fully funded through the Room Tax Fund.

See attached memo that summarizes Overture financial statements for the year ending June 30, 2021.

Title
Authorizing the Mayor and City Clerk to execute an Amendment to the Structural Agreement with Overture Center Foundation, Inc. and an Annual Performance Contract for the 2022 operations of the Overture Center, and providing for a grant from the City.
Body
Whereas, 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 grant, and

Whereas, 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. with the term of the Structural Agreement being ten years, ending on December 31, 2020 with automatic renewal for five-year terms unless the Agreement is terminated, and

Whereas, in December 2020 the Common Council authorized the Mayor and City Clerk to execute an Amendment to the Structural Agreement with OCF renewing the original term of the Agreement for a period of one year ending on December 31, 2021 and thereafter retaining automatic renewal terms of five years unless the Agreement is terminated, and

Whereas, the City and OCF agree that it is their mutual best interests to renew the Structural Agreement for a period of one year, ...

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