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Fort Pierce weighs five-year management deal with VenueWorks to run Sunrise Theater
Summary
City staff and VenueWorks outlined a proposed management agreement that would keep Sunrise Theater in city ownership, pay VenueWorks a $7,000 monthly management fee plus 10% of food and beverage revenue, and include a $50,000 concession investment and clawback provision; commissioners pressed for strong KPIs and monthly transparency before final approval.
City staff and representatives from VenueWorks presented a negotiated management agreement for the Sunrise Theater on March 9, proposing that the city retain ownership while VenueWorks operates programming, ticketing, concessions and day-to-day staffing under an initial five-year contract with an optional five-year extension.
Key terms presented by staff and VenueWorks included a $7,000-per-month base management fee in year one (adjusted in later years for CPI), 10% of gross food-and-beverage revenue to VenueWorks, and a $50,000 equipment investment in concessions that the company would amortize over the contract. VenueWorks also…
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