Committee authorizes amphitheater agreements and approves $17,775 flood insurance premium

The Tuscaloosa City Finance Committee approved a resolution authorizing execution of agreements and related documents for the Mercedes Benz Amphitheater that involve disbursements from the venue’s clearing account. The committee also approved payment of the amphitheater’s annual flood insurance premium of $17,775.

Dr. Day briefed the committee on the resolution, saying the clearing account is used for amphitheater operations tied to events: sponsorships, box-seat and select-seat revenue, concessions and merchandise commissions, and ticket sales are deposited into the account; production expenses are paid from it. She said disbursements from the clearing account are administratively approved by the chief financial officer and the finance committee will receive an annual financial review of the account.

Finance staff member Miss Holmes presented the flood insurance item and said the premium is $17,775, an increase of roughly $2,400 over the prior year. Holmes said the policy is through the national flood program, provides $500,000 in coverage, and is largely aimed at contents of the amphitheater; it would rebuild some portions but “does not rebuild it” fully. Committee members acknowledged prior briefings and requested the financial reporting cadence; staff said monthly internal reports are compiled and an annual report can be provided to the finance committee.

Both the resolution and the insurance payment were moved, seconded and approved by voice vote; no roll-call tallies were recorded in the transcript.