SAG was engaged by the City of Santa Monica to structure and negotiate a public-private partnership/management agreement with the Nederlander Organization to promote and potentially operate the historic 3,000-seat Santa Monica Civic Auditorium. To prepare for the negotiation, SAG prepared a full market, financial and business plan assessment for the City related to the renovation and future operations of the venue. The scope of work included prioritizing conflicting goals with City Council, analyzing current industry trends, understanding the local and regional market competitive position, case studies of similar venues, interviews with other venue operators, establishing needs for improvements and funding to allow the facility to compete successfully, and financial structuring, including an assessment of Nederlander proformas and cash flow generation and analyzing options related to funding the required improvements and reserves and creating a sustainable finance plan. Key to the success of the engagement was helping City staff and Council to understand the myriad of complicated issues and their financial ramifications, and bringing consensus for approval. The final phase included working on the City’s behalf to structure the agreement, negotiate the contract and implement the overall strategic plan.
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