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El Cajon authorizes amendment to Live Nation management deal, delays profit sharing until break-even
Summary
Council authorized a third amendment to Live Nation’s Magnolia management agreement that redefines profit-sharing so the operator earns incentive bonuses only after the city reaches a break-even adjusted operating income and raised the management fee to about $400,000 with a 3% annual adjustment.
City staff and Live Nation representatives presented a proposed amendment to the Magnolia management agreement that will change how adjusted operating income (AOI) is calculated and when Live Nation becomes eligible for incentive bonuses. The council authorized the city manager to execute the third amendment by unanimous vote.
Staff explained the new…
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