FACILITIESAMENDED

City of Bangor Government Operations Committee Agenda May 2026

Bangor Amends OVG360 Arena Management Agreement Through 2031

Fixed Management Fee: $8,000 per month plus 2% of gross food and beverage sales; Incentive Fee based on Net Non-Sponsorship Operating Income/Loss, $1 per attendee over 30,000, and up to 10% of the Fixed Management Fee; $500,000 Manager’s Capital ContributionCity of BangorGLOBAL SPECTRUM LPMay 18, 2026

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Description

The City of Bangor and Global Spectrum, LP d/b/a OVG360 executed a Fourth Amendment to their management agreement for the Cross Insurance Center facilities, extending the term to June 30, 2031 and revising the compensation structure to include a $8,000 monthly fee plus 2% of food and beverage sales and performance-based incentives. The amendment also commits the manager to a $500,000 capital contribution for mutually agreed revenue-generating projects, amortized over five years.

Contract Details

Contract Amount

Vendor

GLOBAL SPECTRUM LP

Agency

City of Bangor, ME

Contract Type

FACILITIES

Document Date

May 18, 2026

Contract Term

Term of underlying Agreement extended to June 30, 2031, effective July 1, 2026

Renewal Date

2031-06-30

Renewal Info

Fourth Amendment to the 2012 Agreement, following amendments in 2016, 2020, and 2023; extends term to June 30, 2031, sets new fee structure starting July 1, 2026, and establishes a five-year straight-line amortization and buyback obligation for the $500,000 Manager’s Capital Contribution if the contract ends early.