SMG proposal slashes fees to manage entertainment facilities | News
JACKSONVILLE, Fla. -- SMG is reducing fees in an effort to continue managing Jacksonville's entertainment venues, according to public records released today.
SMG, which earned roughly $1.2 million a year managing the facilities, is now offering to do the job for $150,000 a year, with the possibility of $37,000 in incentives, for five years.
SMG is also offering a guarantee of $8.5 million in food service profits. The company is also offering to reduce the city subsidy by $2.5 million, and a $500,000 event development fund. The venues managed include EverBank Field, Veterans Memorial Arena and other locations.
The other company vying to run the facilities is Global Spectrum. Global Spectrum's proposal to run the facilities is a fixed fee of $300,000 a year for 4 years and 9 months. The proposal includes the possibility of the company earning an additional $300,000 each year in incentive fees.
Global Spectrum is also offering $1.5 million cash for revenue generating improvements, 500 30-second TV spots on Comcast and $200,000 for services for an Infinity Live study.
The Jaguars have expressed their desire for SMG to keep maintaining the facilities.