City can share costs and profits for big events

The director of enterprise services may waive the percentage rental charges set forth in § 38-7.1 and enter into a co-promotion relationship with a tenant to bring to the Neal S. Blaisdell Center Arena, the Neal S. Blaisdell Center Exhibition Hall, the Neal S. Blaisdell Center Concert Hall, or the Tom Moffatt Waikiki Shell a major commercial event which will be popular with the community and whose initial cost of presentation creates a financial risk which would prohibit the tenant from booking the event without a shared risk arrangement. The director of enterprise services may then co-promote the event with the tenant. All expenses from the event for both the city and the tenant will be netted from gross receipts. The net proceeds from the event would then be split equally between the tenant and the city. The director of enterprise services shall report to the council no later than 30 days after June 30 of each year detailing, for the fiscal year just ended, the events co-promoted by the department and the increased revenues and bookings resulting therefrom compared to the previous year.