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Administration details Sullivan Arena operating agreement, notes municipality pays utilities through July 31, 2025
Summary
City staff reviewed financial and operational terms of the operating agreement with O'Malley Ice and Sports LLC, including utility payment responsibilities through July 31, 2025, a capital reserve payment schedule and questions about operator financial reporting.
Venue operations and administration briefed the Assembly committee on Jan. 22 about the operating agreement for Sullivan Arena between the Municipality and O'Malley Ice and Sports LLC, saying the municipality pays utilities for the arena through July 31, 2025, after which the operator assumes responsibility.
The administration summarized contract terms saying O'Malley Ice and Sports LLC is to pay 5% of gross revenues into an arena capital reserve for years two through five of the agreement and—per the contract…
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