Title
Resolution approving changes to the current Memorandum of Understanding between the City of Greensboro and the Community Foundation of Greater Greensboro for the proposed Steven B. Tanger Center for the Performing Arts
Body
Department: Coliseum
Council District: 3
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Matt Brown, Coliseum Director, 373-7406
Contact 2 and Phone: Tom Carruthers, City Attorney, 373-2302
PURPOSE: The City and the Greensboro and the Community Foundation of Greater Greensboro (CFGG) desire to revise section F.4. of the current Memorandum of Understanding (MOU) for the proposed Steven B. Tanger Center for the Performing Arts (STPAC). If approved, the revision will allow the City to impose a ticket service fee of not more than four dollars ($4) per ticket on tickets sold for events at the STPAC. In addition, the revision will also allow the City to annually allocate a minimum of $120,000 per year from STPAC annual sponsorship revenue to use as an Arts Stabilization Fund. This annual allocation will be provided to the STPAC Board of Directors to disburse to Arts Greensboro (or successor organization) to support local arts organizations within the community.
BACKGROUND: On March 4, 2014 the City approved a MOU between the City and the CFGG to design, finance, develop, construct and manage the operations and programs of the proposed STPAC. Section F.4. of the MOU envisioned a one dollar ($1) ticket service fee being charged for events at the STPAC to be used to create and annually fund an Arts Stabilization Fund.
BUDGET IMPACT: The proposed MOU revision will allow the City to impose a ticket service fee of up to four dollars ($4) per ticket on tickets sold for events at the STPAC. The proceeds from the ticket service fee will be used to help finance the City’s debt service obligations for the project. The proposed MOU revision will also allow the City to annually allocate $120,000 from STPAC annual sponsorship revenues to support and fund an Arts Stabilization Fund.
RECOMMENDATION / ACTION REQUESTED: It is recommended that City Council approve the attached resolution revising section F.4.of the current MOU between the City and the CFGG to design, finance, develop, construct and manage the operations and programs of the proposed STPAC.