Title
Approve and authorize the Monterey County Laguna Seca Representative to execute a three-year Sponsorship Agreement, effective May 15, 2023, between Hagerty Events LLC and the County of Monterey for the 2023-2025 Calendar Years, including sponsorship and marketing- specific rights as Official Classic Car Insurance Sponsor of WeatherTech(r) Raceway at Laguna Seca, in the amount of $200,000 for the year 2023, $210,000 in the year 2024, and $225,000 in the year 2025 with an aggregate total of $635,000 over the term ending December 31, 2025.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize the Monterey County Laguna Seca Representative to execute a three-year Sponsorship Agreement, effective May 15, 2023, between Hagerty Events LLC and the County of Monterey for the 2023-2025 Calendar Years, including sponsorship and marketing-specific rights as Official Classic Car Insurance Sponsor of WeatherTech(r) Raceway at Laguna Seca, in the amount of $200,000 for the year 2023, $210,000 in the year 2024, and $225,000 in the year 2025 with an aggregate total of $635,000 over the term ending December 31, 2025.
SUMMARY/DISCUSSION:
Hagerty Events LLC (Hagerty) is an automotive lifestyle and membership company and the world's largest provider of specialty insurance for classic vehicles. Hagerty was founded in 1991 in Traverse City, Michigan and have since grown into a provider of specialty vehicle insurance with offices in the US, Canada and Germany. They have been a sponsor for events at Laguna Seca for the past 12 years.
Staff negotiated a three-year Sponsorship Agreement (Agreement) with Hagerty with a first right of refusal option to renew the Agreement for the 2026 race season. The initial term of the proposed Agreement begins May 15, 2023, and terminates December 31, 2025, unless sooner terminated in accordance with the Agreement. During the term of the Agreement, Hagerty shall be named Official Classic Car Insurance ...
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