REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
June 8, 2021
FROM
BEAHTA R. DAVIS, Director, Regional Parks Department
SUBJECT
Title v
Amendment No. 11 to Contract 92-1023 with Live Nation Worldwide, Inc. to Extend the Contract Term Due to a Delay of Performance
End
RECOMMENDATION(S)
Recommendation
Approve Amendment No. 11 to Revenue Lease Agreement No. 92-1023 with Live Nation Worldwide, Inc. extending the contract expiration date from June 30, 2023 to June 30, 2024, with no change to the payment terms, due to a delay of performance caused by the Coronavirus pandemic.
(Presenter: Beahta R. Davis, Director, 387-2340)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this amendment does not require the use of additional Discretionary General Funding (Net County Cost). Pursuant to Amendment No. 11 to Contract No. 92-1023, Live Nation Worldwide, Inc. (Live Nation) will continue to pay an annual fixed minimum rent fee of $1,400,000 or a percentage of net ticket sales rent, equal to 7.75% of net ticket sales, whichever is greater. Live Nation also agrees to pay 25% of the total "other revenue", which is defined as total gross revenue minus net ticket sales, when it exceeds the projected revenue for the designated lease year as set forth in the contract for the extended lease term through June 30, 2024. Additionally, Live Nation will continue to pay the Regional Parks Department (Department) $1,500 per Electronic Dance Music (EDM) event for a maximum of four shows per year. While no lease payment will be received in 2020-21, adequate appropriation and revenue have been included in the Department's 2021-22 recommended budget and will be included in future recommended budgets.
BACKGROUND INFORMATION
The Department operates and maintains ten regional parks including Glen Helen Regional Pa...
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