Live Nation Planning Plano Fest

Officials have approved an agreement with Live Nation to hold a two-day festival in the city’s Oak Point Park in May 2014 that could reportedly draw 20,000 fans per day.

Under the terms of the deal, the city will give LN $500,000 toward booking acts the first year plus $125,000 of in-kind services such as security, according to the Plano Star Courier.

In subsequent years, only the in-kind contributions will continue. LN will apparently cover all additional costs and keep 100 percent of revenue.

Two city councilors questioned the revenue agreement, asking during a meeting whether Plano could share in revenues or was assuming too big a risk if LN decided to pull out after one year, the Star Courier noted.

City Manager Bruce Glasscock countered that without risk, there would be no reward.

“If Plano wants a signature destination event, it will cost us some dollars in the first year,” he said. “If we want this to be that destination event then we have to be willing to step up and encourage [Live Nation] to come into an area they have not come into before.”

Details about the fest are still vague, but LN said in a statement to the paper that planning “will commence immediately” and that the promoter plans to deliver “a great event that will provide great music and be an economic driver bringing in visitors and creating some part-time employment opportunities.”