Spectra will take over operation of the Federal Way Performing Arts and Event Center beginning Aug. 1, according to the Federal Way Mirror.
Federal Way is a small community in King County, Washington and is considered part of the greater Seattle area. Last week, the town’s city council voted unanimously to award a five-year contract to Spectra to manage the building with an option to extend the contract another five years. As part of the deal, Spectra will be paid $75,000 a year through December 2019, reduced to $60,000 a year beginning in January 2020, along with incentives based on operating income. Spectra also manages the nearby Angel of the Winds Arena in nearby Everett, Washington.
Mayor Jim Ferrell said the city has “the utmost confidence that this partnership between Spectra and the city of Federal Way will elevate the PAEC to the next level, bringing in high-quality performances and shows while simultaneously continuing to make the facility accessible to local arts groups, service clubs and nonprofits.”
The Federal Way Performing Arts and Event Center was previously run by the city, with food management provided by Savor, which is owned by SMG. Sean Beard, VP of SMG which runs Savor, was reportedly upset about the Spectra contract, according to the Federal Way Mirror. SMG has invested $200,000 in capital in the PAEC and Spectra has committed to spending $100,000. Savor’s contract with the city was valid through May 2022, but the contract could be terminated at any time without notice.
The 716-seat venue opened Aug. 19 and cost $32.7 million to build over two years.