The St. Louis Board of Aldermen voted Monday to approve a bill that helps clear the way for a pair of annual music festivals in downtown St. Louis. Mayor Francis Slay is expected to sign the bill soon.
The Gateway Mall will play host to a country music festival on Memorial Day weekend and a rock music festival on Labor Day weekend for up to 20 years. The first concert will be held during the Memorial Day weekend in 2015.
Los Angeles-based ICM Partners will run the festivals, paying the city $400,000 each year, adjusted for inflation, for use of city services. ICM will also pay $50,000 per year for the first 10 years through its affiliate Summer Rocks LLC. The city would receive a minimum licensing fee and a percentage of the gross income of the festivals.
The deal includes a non-compete clause that says the city can’t provide services to a “substantially similar” summer music festival, but preexisting local festivals, including LouFest, are grandfathered in no matter how large they get.