The Waterloo City Council will talk about it first in a 4 o’clock work session this(Mon) afternoon…then, during the regular meeting tonight(Mon), members will be asked to vote on a five-year contract with a Philadelphia-based company to run the Five Sullivan Brothers Convention Center, downtown.
Under the proposed deal, Spectra Venue Management would be paid $10,000-a-month and up to $25,000 in incentive fees-per-year, based on a local committee’s review. The City will still own the convention center and has already pledged $1.4-million in bonds for repairs. Under the agreement, Spectra would contribute $350,000 for initial transition expenses, facility improvements and equipment.
Tonight’s regular meeting begins at 5:30 (and the work session beforehand will also cover some airport issues.)