Bangor extends arena-management contract with Spectra
The Bangor City Council recently approved a proposal to extend the city’s contract with Spectra Venue Management, the company that runs the city’s Cross Insurance Center.
City officials said the $65 million arena surpassed their expectations by making money. Thus they decided to extend the city’s relationship with the company managing the arena.
Members of the council voted to extend the city’s contract with Spectra until 2021 with an option to extend the contract for another five years. It may be noted here that Spectra Venue Management is the same company that was formerly called Global Spectrum.
Sean Faircloth, the chairman of the city council, said, “It is the consensus that this was a wise investment and that we have a solid partner. Much of the credit also goes to [the general manager], but we see significant return on investment.”
The amended contract between the city and the company sets an annual fee of $125,000 that the city will for the management of the arena. There is an option for annual hikes based on the consumer price index.
Philadelphia-based Spectra Venue Management has been managing the Cross Insurance Center since its opening in 2013. The original deal was set to perish in 2018.
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