Title
Approve and authorize the Monterey County Laguna Seca Representative to execute a Facility Use Agreement between Velocity International, LLC and the County of Monterey for a racing event to be held at WeatherTech(r) Raceway at Laguna Seca on October 14-16, 2022, with limited access to the facilities beginning October 2, 2022, for a revenue of $238,000.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Monterey County Laguna Seca Representative to execute a Facility Use Agreement between Velocity International, LLC, and the County of Monterey for a racing event to be held at WeatherTech(r) Raceway at Laguna Seca on October 14-16, 2022, with limited access to the facilities beginning October 2, 2022, for a revenue (consideration or cost) of $238,000.
SUMMARY/DISCUSSION:
Velocity Invitational, LLC (Velocity) held its first event at WeatherTech(r) Raceway at Laguna Seca (WRLS) on November 11-14, 2021. The focus of the 2021 event was vintage car racing as a lifestyle experience and attendance achieved between 10,000-12,000 over the four-day 2021 event. Velocity previously held events at Sonoma Speedway in Northern California.
Velocity's 2022 planned event is scheduled for October 14-16, 2022, with an optional additional day (October 13th) should Velocity wish to add a day. The event will focus on a "racing event" rather than a "vintage racing event," attracting additional unique automobiles. The event will be supported by lifestyle amenities and hospitality similar to the 2021 event.
The proposed Facility Use Agreement (FUA) requires Velocity (also named Series in the FUA) to pay the County an Event Fee of $238,000, plus $25,000 in Gate Revenue, in four installments. All expenses incurred by County for Velocity's use of the Laguna Seca Volunteer Association and/or Service Organizations will be billed back to Velocity, as well as all labor costs for any non-exempt WRLS staff required to work the event ...
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