“Today’s vote marks an important milestone in bringing world-class festivals to St. Louis to create vibrant new music experiences in the region,” ICM Partners said in a statement. “With the backdrop of the historic Gateway Arch and the shores of the Mississippi River, the festivals will bring together top-tier music acts from a variety of genres with local musicians, who are an integral part of the cultural fabric of the city. St. Louis is steeped in rich culture and history, and we are excited to partner with the city to further grow its reputation as an iconic music destination.”

Michelle Suess, a spokeswoman for ICM Partners, said Monday that it was too early to discuss anything beyond the company’s statement.

Under the terms, Summer Rocks will pay the city a guaranteed $50,000 per festival in the first 10 years of a potential 20-year agreement. It also would pay up to $400,000 per festival for city services.

In addition, there is a tiered system in which the city would get 1 percent of ticket fees if more than 30,000 are sold. St. Louis would receive 10.5 percent if more than 90,000 are sold, and the figure would increase to 15 percent if the agreement is extended to the final 10 years.