Title
a. Authorize the County Administrative Officer, or his designee, to execute a retroactive Agreement with IPG DXTRA Entertainment, Inc. dba Rogers and Cowan/PMK on behalf of Hyundai Motor America for title sponsorship of the 2021 IMSA Monterey SportsCar Championships at WeatherTech Raceway Laguna Seca, retroactive to May 20, 2021, through October 1, 2021, in the amount of $240,000, upon approval of the IMSA Agreement; and
b. Approve and authorize the County Administrative Officer, or his designee, to execute up to two (2) future amendments to this Agreement where the total amendments do not exceed 10% ($2,400) of the remaining agreement amount and do not significantly change the scope of work.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the County Administrative Officer, or his designee, to execute a retroactive Agreement with IPG DXTRA Entertainment, Inc. dba Rogers and Cowan/PMK on behalf of Hyundai Motor America for title sponsorship of the 2021 IMSA Monterey SportsCar Championships at WeatherTech Raceway Laguna Seca, retroactive to May 20, 2021, through October 1, 2021, in the amount of $240,000, upon approval of the IMSA Agreement; and
b. Approve and authorize the County Administrative Officer, or his designee, to execute up to two (2) future amendments to this Agreement where the total amendments do not exceed 10% ($2,400) of the remaining agreement amount and do not significantly change the scope of work.
SUMMARY/DISCUSSION:
This request supports the renewal of Hyundai's commitment as a title sponsor for the IMSA Monterey SportsCar Championships to be held at WeatherTech Raceway Laguna Seca September 10-12, 2021.
Hyundai shall have an exclusive period of first right of renewal for a sixty (60) day period beginning at the end of the term of the agreement, October 1, 2021, and ending on December 1, 2021 for the 2022 event.
The 2020 agreement was a benchmark revenue deal for the County, setting a new level...
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