New London City Council OK's short contract extension for Ocean Beach management firm [Yahoo! Finance]
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Source: Yahoo! Finance
After a 20-minute executive session, council members approved extending a contract with Sodexo Live!, the Delaware firm that's been operating and maintaining the park under different names since 1999. The contract expires Sept. 23, 2026. The 28-month extension is the shortest since the group was granted oversight of the park and includes new financial reporting requirements and capital improvement obligations. The approval of the relatively brief extension came after years of declining revenue at the nationally celebrated park. The contract keeps intact a compensation agreement in which Sodexo receives 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. Mayor Michael Passero said there's a specific logic to approving a 28-month extension. "It seems like a long time, but the park only makes
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