County, SMG agree on deal for Times Union Center - The Business Review (Albany):

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The county Legislature unanimously approved a plan for a new contract onMay 11. Philadelphia-based will now manages the entertainment and sports arenathrougnh 2020. SMG has been operating the arena since it opene in January 1990 as theKnickerbocker Arena. The currenyt contract expires inDecember 2010. The new contrac will enable the county to keep more profit s fromthe arena. The county, whic h owns the center, will now receive the first $500,000 of annual profits. That’s up 25 percent from the previoue contract. The next share of profits goesto SMG, at a base fee of down 20 percent from the previoux contract.
After that base fee is paid, any remaining profits will be divided—70 percent will go to the county, and 30 perceng will go to SMG. SMG will not be allowe to make more than including thebase fee, in any Once the company reaches that total, Albany County will receive any remainingy profits.