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Board flags amphitheater as both a revenue source and a multi‑year obligation to TERS
Summary
Staff described the proposed venue/amphitheater as a unique catalyst project that has been awarded $3 million per year for six years and will both request incentives and generate future revenue the TERS program will use for incentives.
During the priorities presentation, Barry Shelton described the venue/amphitheater project as a large catalyst development that the board has granted $3,000,000 per year for six years. Shelton said the project is “asking for funding from the TIRS” while also producing additional ad valorem and sales taxes that will be used in incentive programs — a dynamic the board should understand when weighing other commitments.
Board members asked when the annual payments would begin; staff responded that payments begin the year after the venue meets a minimum-show threshold. When asked for clarification, staff said the payment trigger would occur the year after the venue achieves roughly 45 shows in a year.
