SUBJECT/RECOMMENDATION:
Title
Approve an agreement between Beasley Media Group, Inc. and the City to host the 2020 Wild Splash Event at Coachman Park on March 7, 2020, 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)
Body
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 revenues derived from the event, including police and fire.
The City is responsible for the ticket revenue through the City’s ticketing agency (ETIX). Once the City pays for all city expenses from ticketing revenue, the balance is paid to Beasley Media through a post-event settlement. This settlement will result in a payment of over $100,000 which would need council approval.
Last year’s event generated $333,254.57 in ticket revenue with expenses of $92,048.33, leaving a balance of $241,206.24 in net revenue which was reimbursed to Beasley.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A