(CelebrityAccess MediaWire) — The city of Mountain View, California, has announced that Shoreline Amphitheatre operator Live Nation Inc. has agreed to a one-time payment of $10 million, and $1.8 million per year in rent to settle a three-year dispute over parking, lease payments and other operating issues at the city’s major concert venue.
The new fixed-lease agreement, reflecting more than double the average $730,000 the city has charged Live Nation in rent over the past 10 years, will funnel a predicable revenue stream into the city’s coffers, according to San Francisco’s CBS5.
“The city of Mountain View is pleased to be able to come to agreement with Live Nation regarding the future of Shoreline Amphitheatre,” Mountain View Mayor Nick Galiotto said in a statement. “The new lease and operating agreement paves the way for an improved and mutually beneficial relationship between the city and its Live Nation partners.”
The agreement also shaves nearly 10 years off of Live Nation’s previous lease with the city, and forces Live Nation to relinquish its original claim to city land used in the past for venue parking.
“The new rent payment structure and lease provisions will benefit both the city and Mountain View residents through a more predictable and higher revenue stream from the venue,” City Manager Kevin Duggan said in the statement. “Operational improvements at the venue will enhance the concert-going experience for residents and visitors alike.”
As part of the agreement, Shoreline will undergo several safety and security improvements. Mountain View residents will also be offered priority privileges to buy tickets for many of the venue’s events before they go on sale to the general public. –by CelebrityAccess Staff Writers