Racine and 5K Events, the company that manages the city's lakefront festival site, have reached an agreement after months of negotiations.The Racine Common Council voted Tuesday to give the mayor the go-ahead to execute a manage ment agreement that will expire December 31, 2027. The deal still needs to be finalized before it takes effect.Dawn Carillo, who manages the Racine Farmers Market and is also employed by 5K Events, said Wednesday the news was welcome."The relief, you can tell, in the office is really, really different," Carillo said.Watch: Farmers market founder welcomes agreement between city, management team for Racine's lakefront festival site Deal reached for Racine's lakefront festival siteThe festival site sits on Racine's lakefront and hosts several large community events, including the Racine Farmers Market and Salmon-A-Rama. Carillo said she recognized the site's potential as a future farmers market location."I saw this incredible space and knew that this was a destination," Carillo said. "Right on the water. Incredible, incredible backdrop." The market, which welcomed visitors for the first time in May, is one example of change at the festival site since 5K Events took over management in 2024."This is a longterm investment," Carillo said of the Racine Farmers Market at Festival Park.5K Events' previous contract expired in December 2025. Months later, when the city offered the company a new contract, 5K Events rejected the terms. Then last week, both parties sat down and negotiated a deal acceptable to both sides."To know that we are secure in who and where we're going to be, that really makes a difference," Carillo said in regard to the recent progress.According to a city memorandum, the city will provide an annual operating subsidy of $225,000 for 2026 and $237,000 for 2027 under the new agreement. That money helps cover utilities and other operational costs.The cost of utilities was a concern previously expressed by 5K Events, which takes no profit from managing the site.Signage was another sticking point in negotiations, as it represents a significant sponsorship opportunity for events. Under the agreement, 5K Events agrees not to violate city signage ordinances, and the city commits to reviewing those rules and how they apply to the festival site.The deal also includes additional city support for veterans- and city-run events.Patrick Flynn, who runs 5K Events, addressed the agreement Wednesday."We created a vehicle where everybody makes money, including the city, and there's no reason to change that," Flynn said.The city did not immediately respond to a request for comment Wednesday."Now that everything is behind us, let's just concentrate on making this the best that it can be," Carillo said.For Carillo, that means continuing to support local farmers and connect residents through the Racine Farmers Market, which is about one month into its inaugural season."Once we get our customer base, it can only grow from here," she said. "It's the most perfect spot, I believe, in the whole state of Wisconsin."This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.Its about time to watch on your time. Stream local news and weather 24/7 by searching for TMJ4 on your device.Available for download on Roku, Apple TV, Amazon Fire TV, and more.Report a typo or error // Submit a news tip ...read more read less