Title
AUTHORIZATION TO ENTER INTO A MULTI-YEAR PERMIT AGREEMENT WITH LA CULTURA PRESENTA LLC TO HOLD THE SUE?OS FESTIVAL IN GRANT PARK
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the General Superintendent and CEO or her designee enter into a multi-year permit agreement with La Cultura Presenta LLC to hold the Sue?os Festival in Grant Park.
II. Information
Parties: La Cultura Presenta LLC
1645 E. 6th Street, Suite 150
Austin, Texas 78702
Majority Interests: C2 Acquisitions, LLC 50%
Collectiv PBB, LLC 50%
Contract Type: Multi-year festival permit agreement
Contract Term: Five (5) years with a five (5) year extension option
Contract Fees: Permit Fee equal to the greater of:
(i) Guaranteed Payment of $1.5 million for a two-day festival or $2 million for a three-day festival; OR
(ii) Per Ticket Fee
2025 - $15.00
2026 - $16.00
2027 - $17.00
2028 - $18.00
2029 - $19.00
Per ticket fee applies to tickets sold for admission to the festival (excluding guest, gratis, sponsor, working, artist, and charity guest passes). The Per Ticket Fee is calculated by paid public tickets to the festival with a two-day ticket counting as two tickets and a three-day ticket counting as three tickets.
Authorization: Authorize the General Counsel to include other relevant terms and conditions in the written Agreement. Authorize the General Superintendent to execute the Agreement and the Secretary to attest as to the signing of the Agreement and keep an original copy of the Agreement on file.
III. Budget and Financial Information
Budget Classification: Operating
Fiscal Year: 2024-2029
Source of Funds: n/a
IV. Explanation
In October 2021, the Chicago Park District and La Cultura Presenta LLC (formerly C2 Acquisitions, LLC) entered into an agreement to hold a Latin-themed festival in Grant Park. The Sue?os Music Festival was held in 2022, 2023 and 2024 as a t...
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