County of Monterey - File #: A 23-221

• File #: A 23-221
• Name: A2 WeatherTech
• Type: BoS Agreement
• Status: Passed
• File created: 5/22/2023
• In control: Board of Supervisors
• On agenda: 6/13/2023
• Final action: 6/13/2023
• Title: Approve and authorize the Monterey County Laguna Seca Representative to execute a Renewal and Second Amendment to the WeatherTech Direct Naming Rights Sponsorship Agreement, effective July 1, 2023 through June 30, 2028, between WeatherTech Direct and the County of Monterey for the continued Naming Rights of Laguna Seca Raceway as WeatherTech(r) Raceway at Laguna Seca, in the amount of $1,000,000 annually for an additional 5-year Second Term for a total Sponsorship revenue of $5,000,000 to be paid to the County.
• Related files: A 22-297, A 18-079

Date	Action By	Action	Result
6/13/2023	Board of Supervisors

Title
Approve and authorize the Monterey County Laguna Seca Representative to execute a Renewal and Second Amendment to the WeatherTech Direct Naming Rights Sponsorship Agreement, effective July 1, 2023 through June 30, 2028, between WeatherTech Direct and the County of Monterey for the continued Naming Rights of Laguna Seca Raceway as WeatherTech(r) Raceway at Laguna Seca, in the amount of $1,000,000 annually for an additional 5-year Second Term for a total Sponsorship revenue of $5,000,000 to be paid to the County.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve and authorize the Monterey County Laguna Seca Representative to execute a Renewal and Second Amendment to the WeatherTech Direct Naming Rights Sponsorship Agreement, effective July 1, 2023 through June 30, 2028, between WeatherTech Direct and the County of Monterey for the continued Naming Rights of Laguna Seca Raceway as WeatherTech(r) Raceway at Laguna Seca, in the amount of $1,000,000 annually for an additional 5-year Second Term for a total Sponsorship revenue of $5,000,000 to be paid to the County.

SUMMARY/DISCUSSION:
WeatherTech Direct (WeatherTech) and the County of Monterey (County) executed a Sponsorship Agreement for the Raceway Naming Rights in 2018 as WeatherTech(r) Raceway at Laguna Seca (refer to Attachment A). Under the Agreement as Naming Rights Sponsor, WeatherTech contributed another $240,000 towards required improvements at Laguna Seca Recreation Area (LSRA) in support of the health and well-being of the facility and its hosted events.

On July 12, 2022, the Board of Supervisors approved the Assumption Agreement and Amendment No. 1 changing the name MacNeil Automotive Projects Limited to WeatherTech Direct, LLC (WeatherTech) (refer to Attachment B)

WeatherTech is seeking a long-term commitment with the County of Monterey, for the exclusive right to name LSRA Raceway property as "WeatherTech(r) Raceway at Laguna Seca". This naming right shall be gr...