Riverside approves $120 million plan to develop new amphitheater

Authorities in the city of Riverside, Missouri have approved a plan to build a $120 million amphitheater on a site close to the Missouri River.

An amphitheatre is an open-air venue used for entertainment, performances, and sports, similar in style of amphitheaters found in ancient Greek and Roman architecture.

Global entertainment company Live Nation, which has more than 150 venues in the US, has agreed to pay $95 million for the project, according to AOL.com, within a leasing arrangement with the city of Riverside.

Riverside city owns the site and will contribute $20 million towards the development through the support of state of Missouri.

The venue itself is planned to hold approximately 15,000 people, with more than 5,000 parking bays.

Riverside authorities plan to issue a “a series of industrial development bonds” to raise the money to build the amphitheater – to the exact amount of $119,730,000.

Moreover, in its official document on the matter, Riverside says the project is “desirable for the economic development of the City”.

Main image courtesy of Riverside city authorities, via KCTV5.com