The Will County Metropolitan Exposition and Auditorium Authority otherwise known as the Rialto Square Theatre Board has postponed voting on a contract for third party operator VenuWorks. The contract proposal was tabled after board member Thomas Osterberger asked VenuWorks for additional numbers as it relates to the annual budget of the theatre. The Rialto Board and VenuWorks have been negotiating a five year contract for the Ames, Iowa based company to operate the downtown Joliet venue. Osterberger also expressed some concern about approving an agreement with VenuWorks before seeing a budget and wants to see the percentage of food and beverage sales.
The vote on the contract is scheduled to take place on Wednesday at the Will County Authority Board’s scheduled meeting.
Meanwhile, the Rialto Board voted last night to get court approval for a Foundation loan and pay back the loan in increments of 50-thousand dollars a year at 1 percent interest. The Rialto Foundation Board, which is a fundraising arm of the Rialto, used an obscure legal maneuver to loan the Rialto money. The doctrine is called cy-pres which allows the court to amend the terms of the charitable trust to prevent the trust from failing.