Chicago Likes Shed Income

The Chicago Park District is already pleased with the temporary 8,000-seat amphitheatre that Clear Channel Entertainment is building at Northerly Island.

The district wanted a minimum revenue goal of $800,000 a year, but early projections for the first season are around $1.4 million, according to the Chicago Tribune.

The original figure was reportedly required to cover the costs of maintaining Northerly Island and converting the peninsula into a nature park.

About $800,000 will come from parking at Soldier Field, Chicago Park District COO Jim Chronis told the paper. The district will also receive a $225,000 annual payment from CCE and 75 cents per ticket. Plus, it will get a $252,000 annual portion of the naming rights deal.

All told, with about 20 events expected this summer, revenue will be well above the $800k minimum, officials believe. There’s also a $25,000 bonus to the district beginning in 2007 if annual attendance tops 200,000 and an additional $25k if the head count is 225,000, the Tribune said.

CCE is expected to kick off the season June 24th with Chicago and Earth, Wind & Fire.