"There was a document, but we're relinquishing the rights,” said Marcus Corp. President Greg Marcus.
Marcus said it wasn't a tough split.
"When they came to us and said we have this tremendous opportunity that's going to be transformational and ensure Summerfest's survival for the next generation, how could we say no?" said Marcus.
The transformation will begin in late 2017, turning a field north of the grounds into a community plaza, followed by a grand entrance at the north gate.
Two years down the road, construction will begin to turn the Marcus Amphitheater into the new American Family Insurance Amphitheater. Leaders estimate the project will cost $35 million. The concert venue complex is expected to be completed in 2020.
"The roof would be rehabilitated both on the exterior and the interior but other than that it will be a rebuild in the same footprint with the same number of seats," officials explained.
As for this year's festival, hundreds of thousands might only notice the new name and its signage; however this partnership plans to extend into the community and the classroom.
"They're going to see these activities in neighborhoods in schools so they'll see this outreach happening throughout the city not just down here on the grounds," said Alderman Ashanti Hamilton.
VIDEO: Summerfest announces a new partnership and major renovations
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