Title
a. Approve and authorize the Monterey County Laguna Seca Representative to execute a Hyundai Sponsorship and Official Automotive Partner Agreement, effective April 1, 2023 through March 31, 2024, between INNOCEAN AMERICAS USA, LLC on behalf of Hyundai Motor America and the County of Monterey for the 2023 International Motor Sports Association Motul Course de Monterey, Rolex Monterey Motorsports Reunion and Firestone Grand Prix of Monterey, and replace Lexus as the Official Automotive Partner at WeatherTech(r) Raceway at Laguna Seca, for total Sponsorship fee of $460,000.
b. Execute up to one (1) future amendment to the Agreement to offer an option to extend the term for one (1) additional year for total Sponsorship fee of $470,000.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize the Monterey County Laguna Seca Representative to execute the Hyundai Sponsorship and Official Automotive Partner Agreement, effective April 1, 2023, between INNOCEAN AMERICAS USA, LLC on behalf of Hyundai Motor America and the County of Monterey for the 2023 IMSA Motul Course de Monterey, Rolex Monterey Motorsports Reunion and Firestone Grand Prix of Monterey, and replace Lexus as the Official Automotive Partner at WeatherTech(r) Raceway at Laguna Seca, in the amount of $460,000.
b. Execute up to one (1) future amendment to the Agreement to offer an option extend the term for one (1) additional year for total Sponsorship fee of $470,000.
SUMMARY/DISCUSSION:
Staff negotiated a new Sponsorship (Agreement) with Hyundai Motor America (Hyundai) and agreed to the entitlement of Presenting Sponsor for IMSA Motul Course de Monterey, Rolex Monterey Motorsports Reunion and Firestone Grand Prix of Monterey, and replace Lexus as the and Official Automotive Partner at WeatherTech(r) Raceway at Laguna Seca. Under the Agreement Hyundai will be the weekend Presenting Sponsor for the IMSA event and the Official Automotive Partner providing...
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