MIAMI, FL (CelebrityAccess MediaWire) — Live Nation has signed a contract, that if approved by the city, will see the promoter handling operations at Miami's Bayfront Park Amphitheater.
While the contract is yet to be approved by the Miami City Commission, the deal has passed the crucial hurdle of being approved by the Bayfront Park Management Trust and has also won the support of the Miami Downtown Development Authority. The City Commission is expected to vote on final approval for the agreement on July 24.
The contract would give Live Nation control of the shed for a 10-year stint with two 5-year renewal options. Live Nation would be responsible for upgrading the facility, including a new roof, new seats, upgrades to the stage and adding a concession area, Miami Today reported. The changes in seating, moving from bench seats to stadium seating will reduce the shed's capacity from 10,000 to 6,000.
The city anticipates that the deal will be worth approximately $625,000 a year, with a projected annual increase of 3%. The city will also take a $2 dollar surcharge on each ticket and pocket 10% of any naming deal Live Nation secures for the venue.
The city hopes that Live Nation's access to top touring artists will create a lucrative draw at the venue for South Floridian music fans. "It's a benefit for downtown because it's creating compelling reasons for people to come here," Tim Schmand, Bayfront trust executive director told Miami Today. – CelebrityAccess Staff Writers