Title
Approve and authorize the Monterey County Laguna Seca Representative to:
a. Execute a three-year Sponsorship Agreement, with an additional right of first refusal option year, effective January 1, 2022, between Bridgestone Americas Tire Operations, LLC, and the County of Monterey, for Title and Tire sponsorship of the INDYCAR Monterey Grand Prix at WeatherTech(r) Raceway Laguna Seca in the amount of $325,000 annually.
b. Execute a one- (1-) year extension option to the Agreement, up to $325,000 in gross revenue with the same rate and term ending December 31, 2025.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Monterey County Laguna Seca Representative to:
a. Execute a three-year Sponsorship Agreement, with an additional right of first refusal option year, effective January 1, 2022, between Bridgestone Americas Tire Operations, LLC, and the County of Monterey, for Title and Tire sponsorship of the INDYCAR Monterey Grand Prix at WeatherTech(r) Raceway Laguna Seca in the amount of $325,000 annually.
b. Execute a one- (1-) year extension option to the Agreement, up to $325,000 in gross revenue with the same rate and term ending December 31, 2025.
Report
SUMMARY/DISCUSSION:
Bridgestone Americas Tire Operations, LLC (Firestone) wishes to enter into a three-year Sponsorship Agreement (Agreement) with the County with a first right of refusal option to renew the Agreement for one additional year. The initial term of the Agreement shall begin on January 1, 2022 and end on October 15, 2024, unless sooner terminated in accordance with the Agreement. During the term of the Agreement, Firestone shall be the Title and Tire sponsor of the INDYCAR Monterey Grand Prix at WeatherTech(r) Raceway Laguna Seca, and the event shall be known as "Firestone Grand Prix of Monterey."
In consideration for County obligations under the Agreement, Firestone shall pay the County $325,000 annually. For the 2022 Event, Firestone ...
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