On Monday night, city councilors voted, 8-1, in favor of granting a lease extension.
"I think people thought Lil' Wayne was a lil' loud when he was here a couple weeks ago, but I think generally people are pleased with the sound levels from waterfront concerts," said Bangor city councilor, Dan Tremble. "It's fifteen, sixteen dates, a year during the summer and it brings an awful lot to the community."
Alex Gray, the promoter for Waterfront Concerts, said they asked for the lease extension to assure they'd see a return on their investments.
"You should borrow money for a car, a college education, and a mortgage," Gray said. "We're very similar where we need to have time for a proper amortization schedule to make a serious investment in the Bangor waterfront."
With the lease agreement, Waterfront Concerts has agreed to invest $7M into the site over the next 2 years.
Improvements would include things such as permanent restrooms and handicap accessibility.
The city will pay $300,000 to help fund the restrooms, but they will be open to the public during city functions.
"It's just a win-win," Tremble said. "There's going to be a lot of additional revenue when they make the improvements."
Other than a small contribution for the restrooms, Tremble said there are no other apparent costs associated with extending the lease.
Gray said the Waterfront Concerts indirectly brings $25M dollars into the city annually.
"I don't think any of us expected this to be what it's become or have the impact that it's had," Gray said. "But the reality of what it is has been absolutely fantastic."
The agreement also gives Waterfront Concerts to renegotiate it's lease in 15 years.