Resolution amending the Agreement between the City of Daytona Beach and the Peabody Auditorium Foundation, Inc a 501c(3) not-for-profit organization ("PAF")a 501c (3).  The amendment extends the agreement for two years through September 30, 2020, and extends the monthly “seed money” payment provided by the City to PAF for an additional two years for a total of $75,000.

The amendment sets a minimum fundraising target for the period commencing November 1, 2017 and ending on November 1, 2019.  PAF must donate to the City $75,000 in unrestricted funds, which the City will be free to use for capital or operating costs of the Auditorium; and an additional $125,000, which may be unrestricted or restricted to capital use. The priorities for annual funding and capital projects shall be determined by the City.  Additionally, the amendment increases the number of house seats to be given to PAF for all City booked and presented performances from 12 to 24.  PAF shall release any unused seats back to the Auditorium box office within 24 hours of show opening.  Funds available in the Cultural Services Fund.

Recommendation:  Acting Cultural Services & Leisure Services Director recommends adoption of the Resolution.