STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 8, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Convention and Event Services
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize Convention and Event Services to provide a year-to-year subsidy for an amount not to exceed $296,000.00 per year to Fair Park First, c/o Global Spectrum, LP (dba "Oak View Group" or "OVG"), the Fair Park operator, to facilitate OVG to enter into an agreement with the professional sports team to conduct their season league game play at the Cotton Bowl Stadium - Not to exceed $592,000.00 - Financing: Convention Center Construction Fund (subject to annual appropriations)
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BACKGROUND
The City Council has designated the Cotton Bowl and Fair Park as an economic development initiative and strategic priority for the southern sector. In alignment with this strategy, the City, through Convention and Event Services (City) and OVG began negotiations with the professional sports team to conduct their season league game play at the Cotton Bowl beginning in summer 2024.
To facilitate OVG to enter into the agreement with the professional sports team, the City desires to contribute an event subsidy per game to offset expenses related to delivery of the Cotton Bowl Stadium as required by the professional sports team. The event subsidy payment shall be paid directly to OVG in an amount not to exceed $296,000.00 (approximately $18,500.00 per game) per year, for game day expenses, which average approximately $55,000.00 per event at the Cotton Bowl Stadium. OVG will book the Cotton Bowl during all other days that the venue is not reserved for the professional sports team, including for FIFA Fan Fest in 2026.
OVG has developed a term sheet agreed upon by the professional sports team, which includes the City subsidy commitment. The Park and Recreation Department will administratively process the City's subsidy...
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