SUBJECT/RECOMMENDATION:
Title
Approve an agreement between Beasley Media Group, Inc. and the City to host the 2019 Wild Splash Event at Coachman Park on March 2, 2019, approve a reimbursement payment to Beasley Media Group, Inc. from ticket sales made during the Event and authorize the appropriate officials to execute same. (consent)
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SUMMARY:
Beasley Media Group, Inc. (Beasley) and the City of Clearwater have partnered on several successful events and concerts over the past several years including the Hispanic Heritage Festival and Wild Splash.
Wild Splash is a Class 3A event that is provided by the Parks and Recreation Department with all costs being covered by the revenues derived from the event.
The City is responsible for the ticket revenue through the City’s ticketing agency (ETIX). Once the City pays for all expenses from ticketing revenue, the balance is paid to Beasley Media through a post-event settlement. This settlement could result in a payment over $100,000 which would need council approval.
Last year’s event had ticket sales of $402,917.45 of which $224,917.45 was retained by the City through ETIX; with expenses of $168,557.17, resulting in a post event settlement of $56,360.28. This year’s event revenue and expenses could be similar to last year’s, but in the event it is over $100,000, staff is requesting approval to pay Beasley.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A