Title
Intent to enter into a partnership agreement in support of the bid for the 2021 US Figure Skating National Championships.
Body
The agreement for the Figure Skating National Championships calls for the City of Wichita, Sedgwick County, and Visit Wichita to each agree to contribute $400,000 to cover the expenses for the event. The monies will be paid after the event in January 2021. If revenues are sufficient, there would be no payments required. If the event loses money, the loss will be shared equally between the three organizations.
The US Figure Skating organization will announce the successful bid in May 2019.
Alternatives: Do not support the bid.
Financial Considerations: If revenues from the event are not sufficient, Sedgwick County will make a support payment not to exceed $400,000 in 2021. In the event that a payment is made, equal payments from the City of Wichita and Visit Wichita will also be made. No payment will be made if the bid is unsuccessful. Visit Wichita projects a winning bid will have a direct and indirect economic impact of $6,913,612 and will directly and indirectly support 1,226 jobs in the community.
Legal Considerations: N/A
Policy Considerations: N/A