Features
Industry Noize: SMG Fronts Fund For Intrust
City commissioners in Sedgwick County, Kansas, have approved a new contract with SMG to manage the Intrust Bank Arena , and after some hard bargaining will get a sweet deal from the company.
Photo: facebook.com/intrustbankarena
Officials toyed with the idea of an amendment to an existing agreement that would establish a $200,000 promotion fund to help draw more diverse acts that might not otherwise appear in the region without cash incentives.
Assistant County Manager Ron Holt told the Wichita Business Journal that when he originally presented the idea, it called for SMG to initially front the $200,000 and the county to replenish the funds. But following negotiations with SMG, the county is now off the hook for paying into the pot, Holt said.
Other terms of the new contract note that SMG will retain the first $400,000 in net profit, with the rest split evenly with the county, the Business Journal reported.
The deal runs through 2019 and is set to renew automatically if Sedgwick County earns more than $850,000.
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