Title
a. Approve the Assignment Agreement authorizing the Sports Car Racing Association of the Monterey Peninsula (SCRAMP) to assign the current Sponsorship Agreement with Mazda North American Operations (MNAO) to the County of Monterey
b. Authorize the Chair to execute the Assignment Agreement.
c. Approve the request for the County of Monterey to execute an extension of the Mazda Sponsorship Agreement through March 31, 2018.
d. Authorize the Chair of the Board to execute the Amendment No. 4 to the Sponsorship Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the Assignment Agreement authorizing the Sports Car Racing Association of the Monterey Peninsula (SCRAMP) to assign the current Sponsorship Agreement with Mazda North American Operations (MNAO) to the County of Monterey.
b. Authorize the Chair to execute the Assignment Agreement.
c. Approve the request for the County of Monterey to execute an extension of the Mazda Sponsorship Agreement through March 31, 2018.
d. Authorize the Chair of the Board to execute the Amendment No. 4 to the Sponsorship Agreement.
SUMMARY/DISCUSSION:
On March 1, 2006, SCRAMP and MNAO entered a sponsorship agreement granting MNAO the exclusive title sponsor of the Laguna Seca Raceway (Raceway). Through a series of amendments, SCRAMP and MNAO extended the agreement through April 30, 2017. On January 1, 2017, the County entered a three-year management agreement with SCRAMP for the operation and management of the Laguna Seca Recreational Area (LSRA). The County, SCRAMP, and MNAO agreed to have the Sponsorship Agreement assigned to the County for the purposes of further extending the Sponsorship Agreement as the agreement ends April 30, 2017. The County shall succeed to the rights and obligations of SCRAMP under the Sponsorship Agreement, including the right to receive any remaining sponsorship monies payable by MNAO under the Sponsorship Agreement.
If the Sponsorship Agreement i...
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