(SEDGWICK COUNTY, Kan.) — Sedgwick County received an oversized check from the INTRUST Bank Arena Wednesday. The arena manager presented a $1.1 million check to the county commission.
The check represents the revenue the county earned during the arena's first year of operation. The county has a contract with SMG to manage the arena.
The contract allows SMG to keep the first $450,000 in profit. Sedgwick County gets the next $450,000. Once revenues reaches that point, profits are split with 60% going to the county and 40% going to SMG. If there is not a profit, SMG is required to cover the losses.
The county will put the arena revenue into the operating and reserve fund for the facility. It currently has about $15 million, which partly is left over from the arena sales tax.
Arena General Manager A.J. Boleski, told the County Commission, "We expect 2011 to be a very good year as well, but it's going to be very difficult to top the numbers were had in 2010 because it has been so successful."