Mayor Nutter's Office Releases Cost Of Made In America Festival
By Jenn Bernstein
PHILADELPHIA (CBS) - The total cost of the Made in America concert is now available from Mayor Nutter's office, and it looks like taxpayers came out on top.
Mayor Nutter said Live Nation delivered a check to the city Wednesday afternoon for $305,124. That is in addition to a security deposit already paid for $200,000.
The total bill, already paid by Live Nation, is $505,124. The Mayor said no taxpayer dollars were used to put on the Made in America.
"I'm pleased to say that the festival covered all costs incurred by the City for what was a truly stunning event on the Benjamin Franklin Parkway," said Mayor Nutter.
A preliminary economic impact estimate from Econsult Corporation said the concert brought in at least $10 million to the city economy. The analysis also showed estimated total city tax revenues of $223,000, and city officials think the impact will be even greater from sources like hotel tax revenues.
"Financial considerations aside, this event gained a global recognition for Philadelphia and showed what a great city can do working with the private sector."
The next big question is will Made in America be back? Mayor Nutter said there is a lot of interest on both sides, and that talks will be coming up soon.
