SUBJECT/RECOMMENDATION:
Title
Approve the City’s portion of a performance guarantee of $100,000 for ZZ Top and John Fogerty concert to be held at Coachman Park on June 2, 2018. (consent)
Body
SUMMARY:
The City of Clearwater is partnering with Ruth Eckerd Hall and AEG in bringing ZZ Top and John Fogerty’s tour to Clearwater on June 2, 2018.
The total performance guarantee for the event is $300,000, which is being shared by the three partners. The city portion of the performance guarantee is $100,000.
This is a major music tour and with it comes increased costs and guarantees to the artists but also it gives the partners an opportunity to reap from the profits of such concerts.
Last year the City hosted John Legend, Kenny G, Third Eye Blind, and Sammy Hagar which provided examples to the music industry that Clearwater and Coachman Park is a great place to schedule their tours.
These events have provided between $10,000 - $30,000 in net revenue for the City and hosting these high-profile events will assist in recruiting more to the area in the future. Revenue from these events go to support the many free concerts and special events the City sponsors for the public like the 4th of July concert and fireworks.
APPROPRIATION CODE AND AMOUNT:
Funding for this performance guarantee will come from revenue generated from the concert and placed in Special Events Code 181-99865.
USE OF RESERVE FUNDS: N/A