9a - PAEC Venue ManagementENUE
Presented by
Autumn Gressett, Contract Administrator
October 17, 2023
I
4
A
CITY OF
VZ:k
Federal lay
Centered on Opportunity
"1111Fe rKi stor
W.
4 4
2017
Facility Grand Opening
2018
August 1 - Global Spectrum L.P. Venue Management Contract began
Globa
is
Pa
sslte ho i
Global
a 1wrl I
ilt
2019
Spet"trum exceeds approved budget by over 50% and Blue
Ribbon Panel Proposed Revenue by over 12%
f
a in A
ac tMrcd the PAEC for public
'thil Joe epa tments, creating
2020-2021
events. Global Spectrum
diverse revenue streams MOPP
and maintained the facility during
budget by 5% and Blue
closure
002
Ribbon'
ose e by over 40%
2023
Spectrum projec �d to exceed a eo b dget by 30%
CI F
.. Federal Vila
R Centered on Opportunity
Ford Wyoming Cen-
Arena at Seattle Cei
Angel of The Winds
Tacoma City TheatE
Huber Height Ampl
Hugh Morton Amp[
Colorado Conventic
BOK Center (2023--
Huntsville Venue Group Amphitheater (2019-2029)
Chicago's McCormick Place (2023-2033)
4% CITY OF
Federal Way
Centered on Opportunity
2022 Revenue Breakdown
2022 BLUE RIBBON
2022 APPROVED
COMPARED
COMPARED
PANEL
BUDGET
2022 ACTUALS
TO BLUE
TO
IL
RIBBON
APPROVED
MJIL
111111116 A
PANEL
BJ&DGET
TICKET REVENUE ■
'. • • • • •
.. : • • •
$ 516,652.00
• : • .
:: • .
THEATER RENTAL
REVENUE
=
=
EVENT SPACE
RENTALREVENUE I
mm
41
$101,020.00
$54,920.00
$49,195.00
• .
• • .
FACILITY FEES
FOOD&
BEVERAGE REVENUE 4
$124,775.00
$76,966.00
$159,529.00
••.
• •.
ADVERTISING
$16,500.00
.•• ••
•• ••
•.
•.
■
TOTALREVENUE AM
', 909,595.00
• ••
.• ••
• ••.
•
4
CITY OF
Federal lay
Centered on Opportunity
2023 Revenue Breakdown
$ 436,229.00
$100,965.00
$ 268,897.00
$ 63,263.00
$ 154,969.00
$ 4,169.00
$1,031,492.00
$110,070.00
$134,650.00
$ 34,791.00
$ 94,344.00
$ 180,244.00
$1,332.00
$ 555,431.00
$ 546,299.00
$ 235,615.00
$ 303,688.00
$157,607.00
$ 338,213.00
$ 5,501.00
$ 621,117.00
$142,432.00
$ 289,056.00
$ 56,017.00
$ 102,353.00
$ 0.00
$1,586,923.00 1 $1,210,975.00
-3.6%
106.1 %
-25%
187%
339.4%
243.8%
30.2%
CITY OF
.. Federal lay
Centered on Opportunity
Renewal Terms
IIzus] ' :I•]
CAPITAL
INVESTMENT
OVG360 reaffirms its
dedication to the
success of the PAEC
through a substantial
additional
investment of
$200,000.
LENGTHENED
PARTNERSHIP
The proposed
contract renewal
encompasses a
substantial ten-year
term, extending the
partnership until the
year 2033
PERFORMANCE
METRICS
Implementing
precise and
comprehensive
performance metrics
to ensure continued
transparency and
accountability
,ANCITY OF
. Federal Way
Centered on Opportunity
Term'i*nat*ion Clauses
Section 4.2 Termination. This Agreement may be terminated:
(a) by either party upon thirty (30) days written notice, if the other party fails to perform
or comply with any of the material terms, covenants, agreements or conditions hereof,
and such failure is not cured during such thirty (30) day notification period, provided,
however, if such failure cannot reasonably be cured within such thirty (30) day period,
then a longer period of time shall be afforded to cure such breach, up to a total of
ninety (90) days, provided that the party in default is diligently seeking a cure and the
non -defaulting party is not irreparably harmed by the extension of the cure period; or
(b) by either party immediately by written notice upon the other party being judged
bankrupt or insolvent, or if any receiver or trustee of all or any part of the business
property of the other party shall be appointed and shall not be discharged within one
hundred twenty (120) days after appointment, or if either party shall make an
assignment of its property for the benefit of creditors or shall file a voluntary petition in
bankruptcy or insolvency, or shall apply for bankruptcy under the bankruptcy or
insolvency Laws now in force or hereinafter enacted, Federal, State or otherwise, or if
such petition shall be filed against either party and shall not be dismissed within one
h d red twenty (120) days after such filing. CITY OF
.. Federal lay
Centered on Opportunity
4
Questions?
CITY OF
F//r ,AN. Federal Way
Centered on Opportunity