The City of St. Petersburg says it is finalizing an agreement with The Florida Orchestra to manage the Mahaffey Theater. The term sheet, dated Aug. 11, must still be approved by City Council.

The Florida Orchestra (TFO) said in a separate announcement it will operate the theater in partnership with the facility management firm VenuWorks. “We are thrilled to begin sharing our vision and plans with the community,” said TFO President and CEO Ignacio Barrón Viela.

The City of St. Petersburg owns the 61-year-old facility. City staff has been operating the venue since the spring, when businessman Bill Edwards, who had managed it since 2011 through his Big3 Entertainment company, opted to end his contract early. Edwards died Aug. 27.

An RFP (Request For Proposal) was issued at the end of 2025, and one proposal was received, from St. Petersburg Arts Partners, a group that includes Vinik Sports Group, Live Nation, Oak View Group and Catalyst publisher Joe Hamilton. It was rejected by a review committee.

A second RFP was never issued, although Live Nation (proposal received Aug. 5), Vinik Sports Group (received Aug. 4), Ruth Eckerd Hall Inc. (received Aug. 7) and Legacy Management Systems LLC (received Sept. 11) have expressed interest in taking on Mahaffey operations.

Under the tentative agreement, according to the orchestra’s announcement, TFO will lead artistic direction of its own performances at the Mahaffey and help oversee the venue’s “overall cultural programming strategy.” Iowa-based VenuWorks will manage day-to-day Mahaffey operations, including programming and booking, marketing and ticketing.

The orchestra’s regular October through May performance season includes multiple Mahaffey Theater dates, generally on Saturday nights. It also performs at the Straz Center, in Tampa, and at Ruth Eckerd Hall in Clearwater.

The preliminary term sheet confirms:

The City will provide $438,000 in Capital Improvement Funds annually (any unused funds will continue to be rolled over to next fiscal year);

TFO will receive $240,000 in management fees annually;

Repairs and maintenance: TFO pays first $325,000; City pays after that;

At the direction of the Mayor or upon resolution of City Council, upon reasonable advance notice and subject to availability, TFO shall provide use of the Mahaffey Theater to local non-profit and civic organization at reduced rates (exact term sheet language);

The City pays property insurance and overhead expenses;

The Florida Orchestra requested a five-year contract, and the draft term sheet calls for a three-year term, with two one-year options. A long-term agreement could be discussed in the future;

$38,000 annual rent abatement shifted to capital funding;

City will pursue TIF and TDC Capital Grant funding for major renovation with a total goal of $20 million ($10 million TIF/$10 million TDC). The majority of scope to include MEP and Production Equipment. Final scope and timing to be finalized with TFO and VenuWorks (exact term sheet language);

TFO keeps 100 percent of naming rights revenue. Duke Energy paid $394,465 for the naming rights in 2025, with $250,000 of it retained by the City. Under the proposed agreement that money would all go to TFO, though Duke has not renewed the multi-year agreement citing unsurety about its franchise agreement with the City. 

TFO must encourage and book events that interest the entire community, which include, but are not limited to orchestral presentations, popular music of a variety of genres, dance, family shows, comedy performances and community events (exact term sheet language).

A City spokesperson said an exact date for the agreement to be presented to City Council has not been established, “but it should be soon.”