Title
Ordinance in the Amount of $3,177,683 Amending the Coliseum Concession Improvements Fund Budget for the Appropriation of the Donation and Private Contribution
Body
Department: Coliseum
Council District: Citywide
Public Hearing: No
Advertising Date/By: No
Contact 1 and Phone: Matt Brown, 373-7406
Contact 2 and Phone: Mike Perdue, 373-7457
PURPOSE:
The purpose of this ordinance is to appropriate the donations from Ticketmaster and Spectra Food Services, Coliseum third party vendors, in the amount of $3,177,683 to fund capital improvements for the White Oak Amphitheatre Event Space. To accept this donation and private contribution, a budget ordinance is requested for approval from Greensboro City Council in accordance with current city fiscal procedures.
BACKGROUND:
Due to higher demand of public events, adding the White Oak Amphitheatre Event Space will generate new revenues for the Greensboro Coliseum Complex. This project is being funded with third party donation funds from Ticketmaster and Spectra Food Services that contractually can only be used for proposed Coliseum capital improvements that enhance the generation of new revenues or improve/expand patron amenities.
The donations of $3,177,683 combined with the prior donation balance of $599,578 in account number 529-7502-01.8690 total $3,777,261, which will fund the capital improvements for the White Oak Amphitheatre Event Space.
BUDGET IMPACT:
This requested action will not have an adverse impact on the City of Greensboro’s budget. Without the donation, the Greensboro budget would be responsible for all expenses that this private contribution supplements. The donation will save the city $3,177,683.
RECOMMENDATION / ACTION REQUESTED:
It is requested and recommended that City Council adopt the attached budget ordinance establishing funding in the amount of $3,177,683 for this donation and private contribution.