The Peterborough Lakers will call the Memorial Centre home for at least five more years.
Council has endorsed a new five-year agreement between the city and Lakers Lacrosse Association Inc. for the use of the PMC by the Lakers, including box office services and game day expenses.
Negotiations between the two sides began in early in 2022.
Terms of the agreement would include:
-A five-year term starting April 1, 2023
-A fixed-rate rental fee for use of the facility for $1,607 plus tax, increasingly annually based on inflation
-A fixed-rate fee for game day expenses for $4,636 plus tax for each game, increasingly annually based on inflation
-A per-ticket fee on all Lakers tickets for Box Office charges that would be $1 plus tax to start, increasing to $1.50 plus tax in the third year of the agreement on April 1, 2025, and increasing to $2 plus tax in the fifth year of the agreement on April 1, 2027
-A per-ticket capital refurbishment fund fee on all Lakers tickets in the amount of $1.50 plus tax
-A per-order charge of $2.50 plus tax on all Lakers ticket orders
-Recovery by the City of bank charges of 2.75% on tickets purchased by credit card on a per-game basis
-Recovery by the City from the Lakers on applicable Music Tariff charges
-The Lakers receiving from the City 50% of the City’s share of gross revenues from food and beverage sales at Lakers games
-The Lakers would be able to sell in-game sponsorship in temporary, non-obstructing locations during Lakers games
-The City would assist the Lakers with the purchase of a new carpet playing surface by providing an interest-free loan of 50% of the cost, up to a maximum of $150,000, that would be repaid in annual increments over the five-year agreement
-The new agreement structure takes into consideration the requirement to continue to rebuild ticket sales over the next two years following the disruptions caused by the COVID-19 pandemic by maintaining the per-ticket service charge with no increase until 2025.
The revenues to be received through a fixed-rate rental agreement total approximately $75,700 increasing annually. Revenue received from the per ticket fees are estimated to be in excess of $102,000 in Year 1 and increase to an estimated amount in excess of $142,000 in Year 3.
(Written by: Jordan Mercier)
