STRATEGIC PRIORITY: Quality of Life, Arts & Culture
AGENDA DATE: November 13, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Park & Recreation Department
EXECUTIVE: John D. Jenkins
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SUBJECT
Title
Authorize the (1) third amendment to extend the lease and use agreement between Fair Park First and Live Nation Worldwide for an additional ten years, plus two additional five-year extension options; (2) receipt and deposit of funds Live Nation Worldwide in an amount not to exceed $1,000,000.00 in Fair Park Surcharge & Excess Revenues Fund; (3) establishment of appropriations in an amount not to exceed $1,000,000.00 in the Fair Park Surcharge and Excess Revenues Fund; and (4) transfer of funds to Debt Service Fund in an amount not to exceed $1,000,000.00 - Estimated Revenue: Fair Park Surcharge and Excess Revenues Fund $1,000,000.00
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BACKGROUND
On December 9, 1987, the City Council authorized a certain Lease and Use Agreement between the City and PACE Entertainment Group, Inc., (PACE) to which the City leased to PACE the Amphitheatre Tract (1) with respect to the Parking Tract, a non-exclusive, irrevocable right of ingress and egress on the over same and the irrevocable right for a certain period to use the same for parking of motor vehicles, (2) with respect to the Assigned Parking Area, the exclusive irrevocable right to use the same for the parking of motor vehicles, and (3) with respect to the Coliseum Lots, the non-exclusive, irrevocable right to use all or a portion of the same for parking of motor vehicles in accordance with the terms of the Agreement by Resolution No. 87-3928.
On June 14, 1989, the City Council authorized the first amendment to the lease and use agreement between HOB Concerts/PACE Amphitheatres Group, L.P. (formerly known as MCA/PACE Amphitheatres Group, L.P.) and the City for the use of the City's Amphitheatre Tract to further the year round operation of Amphitheatre and...
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