WESTFIELD, Ind. — The City of Westfield has begun to finalize a public-private agreement it made with Grand Park Sports and Entertainment, LLC.
The Westfield City Council approved the proposed agreement 7-0 at a meeting on Monday night. The agreement is part of the City’s ongoing effort to change the Grand Park’s management structure.
Grand Park Sports and Entertainment will now manage Grand Park. The limited liability company is made up of stakeholders from Keystone Group, Bullpen Ventures and Indy Sports and Entertainment.
In a press release, city officials indicated the new agreement will enhance community amenities, support youth sports and stimulate local economic growth.
“The partnership with GPSE that was approved tonight by our City Council is an important step for Westfield, ensuring Grand Park remains a top destination for youth sports and community events,” Mayor Scott Willis wrote in a prepared statement. “This agreement highlights the private sector’s role in managing Grand Park, promoting long-term stability and success. It will enhance our quality of life, attract economic opportunities, and benefit residents for years to come. We are excited about the future of this partnership.”
The new agreement the City of Westfield and GPSE reached ensures signature events like “Westfield Rocks the Fourth” and the Indianapolis Colts’ training camp remain at Grand Park.
The new deal also establishes a dedicated Eskrow Fund that the City and GPSE will contribute to annually. The money from the fund will help officials maintain the park’s facilities and upgrade its amenities.
The public-private agreement will also allow the City to continue to prioritize youth sports. Under the agreement, Westfield Youth Sports, Inc. (WYSI) will continue to be able to use Grand Park’s facilities at discounted rates.
The City and GPSE’s new agreement will allow officials to develop areas of Grand Park that can be used for more than just sports. Both parties expect mixed-use developments to be built at Grand Park in an effort to attract businesses. The City and GPSE are particularly interested in attracting businesses in the sports technology sector, per a release.
Officials indicated that, under the agreement, performance metrics will be implemented to ensure Grand Park’s management meets the City’s standards. One benchmark the City hopes to reach in the next 10 years is a 15% increase in unique visitors. The City also wants to ensure at least 50% of visitors travelling to Westfield for tournaments come from at least 50 miles away.
The City and GPSE project their agreement will generate more than $184 million in revenue. The initial agreement the parties reached will last for 10 years. Four optional five-year extensions are also built into the deal.
Per the agreement, GPSE will take control of management and operations Grand Park on Jan. 1.