02-26-2007 Incentive offered for Century Center management firm

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o�sou TH F dx :J b W eFacE � � y� a 1, a2 1865 Office of the Mayor NEWS RELEASE February 26, 2007 5:30 p.m. Contact: Tom Price, Assistant to the Mayor, 235-5853 or 514-2169 KurtA. Brown, General Manger, Century Center, 235-9711 Incentive offered for Century Center management firm SOUTH BEND—A new contract with Global Spectrum for managing the Century Center outlines financial incentives based on the Philadelphia firm's ability to increase revenue at the city-owned convention center. After three months of negotiation, the Century Center board of managers today unanimously approved a three-year contract with Philadelphia-based Global Spectrum to manage the 29-year-old Century Center. The contract, which became effective Jan. 1, includes an incentive that allows the firm to earn additional income if it increases overall Century Center revenue by targeted amounts. "It's been said that a rising tide lifts all boats," said Mayor Stephen J. Luecke. "This agreement with Global Spectrum will help reinvigorate convention business in South Bend, attracting new tourism dollars that will have a ripple effect throughout our community." Global Spectrum, a subsidiary of Comcast-Spectator of Philadelphia, is one of the world's largest sports and entertainment companies, which manages 20 convention centers throughout the country. "This is an opportunity for us to move to the next level with the Century Center," said Vivian Sallie, president of the center's board of managers. "This is an opportunity for us to make it a meeting facility for all the community." The contract specifies two tiers of incentives based on the firm's ability to generate additional operating revenue. In the first year, if Century Center revenue exceeds $1,562,500, the firm will receive 20 percent of each dollar earned above that amount. If