MADISON (WKOW) -- The latest plan turns the Overture over to a non-profit group on January 1, 2012.
Employees would transition from city workers at that time. The City of Madison would provide a two million dollar yearly subsidy.
Madison Mayor Dave Cieslewicz says it's fair to those who work at Overture with a good chance for success.
The full council will vote on the latest proposal Tuesday evening.
"This agreement meets my four objectives of protecting taxpayers, being fair to those who work at Overture, being acceptable to the donors who are retiring Overture's debt, and having a good chance for success in the long-run," Cieslewicz said. "Under this agreement, taxpayers will pay about the same amount they would have to run and maintain the old Civic Center, Overture workers will be guaranteed a job offer and every union worker will have a union job, and the private fundraising necessary to keep the building open is ambitious but doable. I believe that this agreement puts Overture in a strong position to be successful long into the future.
Details of the proposal include: