Title
Approve and authorize the Monterey County Laguna Seca Representative to execute a five-year, five-month retroactive Sponsorship Agreement, effective August 1, 2023 through December 31, 2028, between Gruma Corporation, dba Mission Foods and the County of Monterey for the 2023-2028 Calendar Years, including sponsorship and marketing specific rights as Title Sponsor of the new Start/Finish Bridge and Official Tortillas and Tortilla Chips of WeatherTech(r) Raceway Laguna Seca, in the amount of $225,000 for the remainder of calendar year 2023 and $355,000 annually for calendar years 2024 to 2028 for an aggregate total of $2,000,000 of Sponsorship revenue over the term.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Monterey County Laguna Seca Representative to execute a five-year, five-month retroactive Sponsorship Agreement, effective August 1, 2023 through December 31, 2023, between Gruma Corporation, dba Mission Foods and the County of Monterey for the 2023-2028 Calendar Years, including sponsorship and marketing specific rights as Title Sponsor of the new Start/Finish Bridge and Official Tortillas and Tortilla Chips of WeatherTech(r) Raceway Laguna Seca, in the amount of $225,000 for the remainder of calendar year 2023 and $355,000 annually for calendar years 2024 to 2028 for an aggregate total of $2,000,000 of Sponsorship revenue over the term.
SUMMARY/DISCUSSION:
All Fields Sports negotiated a new $2,000,000 Sponsorship Agreement (Agreement) with Gruma Corporation, dba Mission Foods (Mission Foods). Mission Foods wishes to enter into a five-year, five-month Sponsorship Agreement with the County of Monterey (County) with a first right of renewal. The initial term of the proposed Agreement shall begin August 1, 2023, and end on December 31, 2028, unless sooner terminated in accordance with the Agreement. During the term of the Agreement, Mission Foods will be the Title Sponsor of the new Start/Finish Bridg...
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