Live Nation has signed a contract to operate Bayfront Park Amphitheater in Miami, FL. Final approval by the Miami City Commission is scheduled for July 24.
The city will earn about $625,000 a year with a 3% increase yearly from the deal, reports Miami Today, and is also pocketing 10% of name sponsorships and about $2 per ticket as a surcharge; Live Nation will control ticket prices.
Under the agreement, Live Nation will pay for capital improvements, renovate the stage, install a new stage roof and add a concession stand area. Seating is to be upgraded from benches to individual stadium-style seats, reducing capacity from 10,000 to 6,000; they will also be adding 10 corporate boxes.
The venue will go dark during the renovation with plans to re-open in December or early January 2009.