Title
Approve and authorize the Monterey County Laguna Seca Representative to execute a two-year Event Agreement, retroactively effective December 1, 2022, with SportsCar Vintage Racing Association to sanction and produce the Trans-Am Speedfest to be held at WeatherTech(r) Raceway at Laguna Seca on May 5-7, 2023, and April 20-21, 2024, for a base track rental fee of $163,000 and $168,000, respectively.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Monterey County Laguna Seca Representative to execute a two-year Event Agreement, retroactively effective December 1, 2022, with SportsCar Vintage Racing Association to sanction and produce the Trans-Am Speedfest to be held at WeatherTech(r) Raceway at Laguna Seca on May 5-7, 2023, and April 20-21, 2024, for a base track rental fee of $163,000 and $168,000, respectively.
SUMMARY/DISCUSSION:
SportsCar Vintage Racing Association (SVRA) is the owner and operator of the Trans-Am Speedfest, which has been held at the Laguna Seca Recreational Area multiple times since its first event in 1969. SVRA is one of the oldest and largest vintage racing organizations in the United States.
Per the proposed Event Agreement (Attachment A), the County will receive an Event Fee for the two events: $163,000 in FY 2022-23; $168,000 in FY 2023-24. An additional revenue opportunity for the County is structured in the proposed Event Agreement where the County retains the first $40,000 of event ticket sales for Fiscal Year (FY) 2022-23, and $50,000 of event ticket sales for FY 2023-24. Should ticket sales exceed these respective amounts, any additional ticket sales revenue will be split evenly (50/50) between the County and SVRA (typically referred to as Series). Additionally, the County will retain four (4) Pit Row Suites to sell at its discretion with all revenue being retained by the County. The remaining eight (8) Pit Row Suites will be retained by Series for internal use or corpor...
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