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After crunching the numbers and examining various scenarios, the city of Youngstown opted to keep ownership of the Covelli Centre and keep its management team intact.
City Council voted Wednesday to authorize the Board of Control to enter into a new 5-year agreement with JAC Management Group.
“We’re pretty excited to be able to continue what we’ve done and kind of grow from here,” said Covelli Centre Executive Director Eric Ryan. “We think there’s room to keep getting better and that’s what we’ll do.”
The new agreement is estimated to save the city up to $250,000 a year by phasing out former management group SMG. There are no increases in base pay, but incentives will be offered if profit goals are reached.
“It’s gonna stay the way it is, we’re getting great shows down there,” said Youngstown City Finance Director David Boznich. “It’s gonna provide a lot of excitement, a lot of opportunity for people to see shows that if not for that facility, they wouldn’t get the opportunity to see in Youngstown.”
The new agreement will also establish a facilities maintenance fund. Twenty-five cents from every ticket sold will go into that account. City Council will have the final say in how that money is for maintenance of the Covelli Centre.