The board of directors for Municipal Auditorium has struck a deal with Live Nation to book concerts at the 54-year-old building that once was the city's go-to music venue for the world's most famous artists.
The Rolling Stones, Michael Jackson, Ray Charles and Elvis Presley all played there.
But, Municipal Auditorium, on the corner of Fourth Avenue North and James Robertson Parkway downtown, slipped in prestige after Bridgestone Arena and other venues came online and Metro curbed capital investments at the building.
Outgoing auditorium board member Randy Rayburn said he hopes the deal, finalized by the board of directors on Tuesday, gives a shot of life back into Municipal. Under terms of the three-year deal, Live Nation will pay $1 million to the auditorium's operating fund and Metro will agree to $1.5 million in upgrades. The Metro Council has already approved the planned upgrades, which will include dressing room renovations, a new production room, a new catering area, high-speed internet, new paint to the inside and outside of the building, restroom renovations and concession upgrades.
The two sides will evenly split any net profit over $2 million achieved by Live Nation.
Rayburn said Live Nation has already booked three concerts, which ...