Agenda Item Request:
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Authorize the County Manager to submit payment to Oak View Group for the 2023/2024 Management Fee Incentive.
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Background and Purpose of Request:
Requestor: James H. Gailey, County Manager
Since 2014, the County has contracted the management oversight of the Cross Insurance Arena to an outside national management company. Oak View Group/Global Spectrum is the current contractor. The management agreement provides for an annual incentive based on three categories: finance, food and beverage and qualitative. Through the use of a pre-determined formula-based approach, the management company is scored on their service delivery. The 2023/2024 fiscal year was one of the best years the arena has seen in over twenty years. The arena made a profit of over $700,000.00 through the variety and diversity of the events the arena hosted.
The attached memo goes into a little more information on the incentive fee calculation.
Presentation: No
Funding Amount and Source: $118,643.00 2024/2025 Civic Center Operational Account