HomeMy WebLinkAboutSummary FormDate: 10/2/2007
AGENDA ITEM SUMMARY-7FORM
FILE ID: o (' Q l G
Requesting Department: Public Facilities
Commission Meeting Date: 11/7/2007 District Impacted: 3
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution authorizing waiver of certain revenues from calculation of gross sales and ticket
surcharge in connection with University of Miami agreement for use of the Orange Bowl
Purpose of Item:
A resolution authorizing a waiver from calculation of total gross sales and ticket surcharge the value
of 3800 tickets sold by the University of Miami ("UM") to Florida International University ("FIU")
for the September 15, 2007 game between the UM and FIU, which tickets were sold at a nominal
price for use by students of FIU.
Background Information:
See attached
NO
Bud eg,t Impact Analysis
Lacs `0,euen.,e vb 4s,$00 /n . I. Rgt 3 11
Is this item related to revenue? toss. 9,1Vo i.i Acc4 • tot wow 4-Kb
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
$0.00
$0.00
Final Approvals
(SIGN AND DATE) ta',,,1�..r
CIP N A Budge -..AA ‘Al1.�---h'~i
If using or receiving capital funds
Grants NA Risk Management (7 4
Purchasing
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Dept. Directo
City Manager,
Paee 1 of 2
Subject: Resolution authorizing waiver of certain revenues from calculation of gross sales and ticket
surcharge in connection with University of Miami agreement for use of the Orange Bowl
The City and the University of Miami ("UM") entered into an agreement on June 22, 1990
("Agreement") for the UM's use of the Orange Bowl for the staging of its football games. The
Agreement provides for the UM to pay a Use Fee equal to 10% of the total gross actual ticket sales
actually received by UM, less any applicable taxes and less the ticket surcharge to the admission price.
The Agreement further limits the number of complimentary tickets allowed to be distributed in any
given game to 750 for which no use fee or ticket surcharge shall be charged. For all complimentary
tickets issued in excess of 750 per game, the UM shall pay the applicable Use Fee based upon the value
of the complimentary ticket, but no ticket surcharge shall be due. There is no provision within the
Agreement which addresses the payment of the ticket surcharge and percentage of gross sales on
discounted tickets.
In the spirit of cooperation of two home teams, the UM sold FIU 2500 tickets at $1 per ticket and
1300 tickets at $10 per ticket. Given the location of these tickets, 800 of these tickets would have sold
for $47 each and 3000 would have sold for $20 each. The UM has requested that the value of the 3800
tickets be excluded from the calculation of the Use Fee and ticket surcharge. Assuming all these tickets
would have been sold at their full market value, the loss of revenue to the City would be $9,760 in
percentage rent and $3800 in ticket surcharge.
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