YOUNGSTOWN — The city-owned Coberg Center, Youngstown Foundation Amphitheater and Vienna Park had a rough second quarter with an operating loss of $88,333.
Between April and June, recreational facilities deteriorated further only three times. At the start of his COVID-19 pandemic in 2020 and his first two quarters of 2006 and his first two quarters of 2007 and a few years before the amphitheater. And then the garden opened.
Eric Ryan, president of the JAC Management Group, which operates the city’s centers, amphitheaters and parks, said the quarter could have been worse as it was originally budgeted for a loss of $181,916. I have.
“There weren’t many events,” he said. “We kept our expenses under control. We far exceeded our expectations in the quarter.”
The second quarter was historically the most volatile for the center, which opened in October 2005. The amphitheater and park opened his 2019.
Ryan also said there was a “seasonal drop in events” in the most recent second quarter, prompting $40,000 to rent a temporary ice factory to make and freeze ice in the center when the existing ice breaks. said that there was an additional charge for
Ryan said a show by comedian Katt Williams at the center drew about 5,000 people, making it the most-attended event of the quarter. Overall, the complex had 21 events in the second quarter.
Operating in the black for the first three months of the year, the facility was profiting just $4,397 as of June 30. The budget called for a deficit of $131,542 in the first six months.
The facility also generated $80,108 for the city from a 5.5% admission tax on tickets in the second quarter. In his first six months of the year, the admission tax brought the city $123,130 in revenue for her.
“They’ve done better than budgeted,” said Kyle Miasek, the city’s finance chief. “All the money is made in the third and fourth quarters.”
looking ahead
Ryan said he expects to hit a budget operating profit of at least $239,045 in the second half of the year.
Ryan said Luke Bryan’s concert at Vienna Park on July 16 was a huge success that “in many ways underpinned the third quarter.” “It certainly helps with the admission tax. It’s important. There are some other shows that are doing very well. We’re going to have a good third quarter and a good fourth quarter.”
September is set to be a successful month, Ryan said, with many concerts scheduled, including Lee Bryce, Lamb of God and Ghost.
He said there are two “big shows” scheduled for the fourth quarter that have yet to be announced.
The city-owned facility posted an operating profit of $19,525 in 2021. This was because the Youngstown Phantoms’ non-hockey games did not resume until his June of that year.
In 2020, the operating profit was $10,915, and since mid-March of that year Phantoms games have been the focus.
Both years were largely aided by federal grant programs to help closed stadiums affected by the COVID-19 pandemic.
debt
The city borrowed $11.9 million in 2005 to build the $45 million center. Most of the funding came from two federal grants.
Youngstown paid $1.7 million in principal in June. This is the largest payout ever.
The City owes $3.4 million on principal and plans to split that amount evenly between payments in 2023 and 2024 to wipe out the debt.
The City made interest-only payments until the first principal payment in 2011.
Youngstown also borrowed $4 million from the U.S. Department of Housing and Urban Development in 2018 to pay for the $8 million amphitheater that opened a year later.
The city has paid off the loan over 20 years.