Title
a. Approve Amendment No. 1 to Agreement No. A-13877 with Lexus, a division of Toyota Motor Sales, U.S.A, Inc., to add additional signage rights and related additional fees to the Agreement; and
b. Authorize the Assistant County Administrative Officer to execute Amendment No. 1 to Agreement No. A-13877.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve Amendment No. 1 to Agreement No. A-13877 with Lexus, a division of Toyota Motor Sales, U.S.A, Inc., to add additional signage rights and related additional fees to the Agreement; and
b. Authorize the Assistant County Administrative Officer to execute Amendment No. 1 to Agreement No. A-13877.
SUMMARY/DISCUSSION:
On May 1, 2018, the Board of Supervisors approved Agreement No. A-13877, approving a Sponsorship Agreement between Lexus and the County of Monterey for a two (2) year term retroactive to March 31, 2018 and ending April 1, 2020, for official luxury auto sponsorship of the WeatherTech Raceway at Laguna Seca. During the term of the agreement, Lexus shall be the "Official Luxury Auto" of the raceway.
Amendment No. 1 will add additional signage rights and related additional fees to the Agreement. This modification will replace Section 2 and Section B of Exhibit "A" with Amendment No. 1. Lexus will sponsor a Turn 11 Billboard as well as an Art Car Billboard.
OTHER AGENCY INVOLVEMENT:
The Office of the County Counsel has reviewed and approved the Amendment.
FINANCING:
This amendment will have a positive financial impact for WeatherTech Raceway Laguna Seca.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
The items included in this report relate to the Board of Supervisors Strategic Initiatives on Economic Development.
_X_Economic Development
__Administration
__Health & Human Services
__Infrastructure
__Public Safety
Approved by: Dewayne Woods, County Administrative Officer, ext. 5309
Attachments: Amendment No. 1; Lexus Agreement; Exhibit "A" (Attachments on file with t...
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