Sedgwick County gets its share of Intrust Bank Arena earnings
04/14/2011 12:00 AM
04/14/2011 10:25 AM
Sedgwick County Chairman Dave Unruh looked a bit like a Publishers Clearing House winner on Wednesday when Intrust Bank Arena's general manager gave him a giant check for $1.1 million.
"I'm not used to holding a check this big — either in size or amount," Unruh said when A.J. Boleski handed over the fake foamboard-mounted check.
The arena made $2 million and change in its first year, an audit confirmed.
Under the county's contract with SMG, the private company that manages the arena, SMG keeps the first $450,000 of profit.
The county keeps the next $450,000. After that, any profit is split 60/40 — the county keeps 60 percent, and SMG 40 percent.
The $1,116,442 the county gets will go into the arena's reserve fund. The reserve fund is set aside for operations and maintenance.
Money from that fund also helps support the Kansas Pavilions off I-135 near 85th Street North.
The county had to subsidize pavilion operations with nearly $585,000 last year.
Assistant County Manager Ron Holt gave a monthly arena report Wednesday for February.
It showed that the arena had net building income of about $70,000. There were seven events in February at the arena.
Upcoming events include the Shrine Circus this weekend, singer James Taylor on April 30 and rockers Lynyrd Skynyrd and ZZ Top on May 12.
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