Beach bummer: New London to seek new management options for Ocean Beach Park [Yahoo! Finance]
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Source: Yahoo! Finance
must cover ? officials for the first time in 25 years will entertain new management options at the celebrated seaside destination. Mayor Michael Passero on Tuesday said the city in the coming months would begin soliciting proposals from companies interested in handling the day-to-day running of the park. "It's a good time to test the market, to see if there are any new groups that might offer some proposals," Passero said. "But it's a tough venue." The city in 1999 signed an agreement with the Boston Concession Group, now known as Sodexo Live!, to oversee the park after decades of what Passero called poor management by the city. Revenue booms and busts That contract, extended several times and set to expire on May 23, compensates Sodexo 10% of gross revenue from the park and a portion of net profits, with the remainder funneled to city coffers. But if the park loses money, the city is responsible for funding the entire loss, including Sodexo's contractual management fee.
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