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2. Purpose: The Foundation agrees to use the Grant exclusively for expenses related to the
Event, including but not limited to artist fees, equipment rental, marketing, insurance, and
other Event-related costs. Foundation intends to contract with and engage a promoter who
will coordinate and contract with vendors, consultants, musicians and artists, and others
to plan and carry-out the Event, to include ticket sales and marketing (collectively, the
“Contracted Parties”).
3. Records; Reporting: The Foundation agrees to maintain records of all expenditures
related to the Event, including copies of all contracts, invoices, purchase orders, receipts,
and similar documents. The Foundation agrees to provide the City with a detailed report
of the expenditures (and such supporting documentation as may be reasonably requested
by the City) related to the Event within thirty (30) days after the Event. Foundation agrees
to maintain accounting procedures in accordance with generally accepted accounting
standards and agrees to the review and audit of those records by the City or its designee,
upon request of the City. The City shall have the right to audit all books and records (in
whatever form they may be kept) relating or pertaining to this Agreement and the Event,
kept by the Foundation, its employees, agent, or assigns in connection with the Event.
Foundation agrees to maintain all such records for a period of at least one year following
the completion or termination of this Agreement, including any amendments thereof. All
such records shall be made available to City, its employees, agents, and representatives,
during normal business hours upon request at Foundation’s office or place of business, or
at an alternative location convenient to City and Foundation.
4. Use & Return of Grant Funds: Foundation shall use due diligence to safeguard Grant
funds and to only use Grants funds as set forth in this Agreement.
a. The First Grant Payment shall be used to provide required deposits and secure
commitments from key artists and material production vendors (including, but not
limited to, sound, lighting, rigging, staging, and similar items) no later than
January 31, 2026. If commitments from key artist and material production vendors
are not secured by January 31, 2026, all Grant funds that have not already been
expended or obligated to non-refundable deposits shall be returned to the City
within thirty (30) days, the City shall not be obligated to provide the Second Grant
Payment, and this Agreement shall terminate. No extension will be granted for
this January 31, 2026 deadline. Notwithstanding the foregoing, the Parties
acknowledge and agree that there will be artists and vendors that may need to be
removed, added and/or replaced following their commitment and contracting after
the January 31, 2026 deadline, and that such bona fide removals, additions and/or
replacements shall not constitute a breach of this Agreement.
b. As of the execution of this Agreement, the Parties intend that public announcement
of the Event lineup will be made on or before March 6, 2026, ticket sales shall
commence no later than fourteen (14) days thereafter. If ticket sales do not
commence by March 20, 2026, the City shall not be obligated to provide the
Second Grant Payment, and this Agreement shall terminate. All Grant funds not
expended or obligated to non-refundable deposits shall be returned to the City
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