Title
Approve and authorize the Monterey County Laguna Seca Representative to:
a. Execute a three-year, retroactive Sponsorship Agreement between the County of Monterey and Bridgestone Americas Tire Operations, LLC as Event Title Sponsor and Official Tire of the NTT INDYCAR Grand Prix of Monterey, including sponsorship and marketing-specific rights for a $325,000 annual sponsorship fee, totalling $975,000 for the three-year term beginning June 1, 2022 and ending October 1, 2024; and
b. Execute a one-year extension to the Sponsorship Agreement, if sponsor elects to exercise its option, for an annual sponsorship fee of $325,000 for the one additional year, and term ending on October 1, 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, retroactive Sponsorship Agreement between the County of Monterey and Bridgestone Americas Tire Operations, LLC as Event Title Sponsor and Official Tire of the NTT INDYCAR Grand Prix of Monterey, including sponsorship and marketing-specific rights for a $325,000 annual sponsorship fee, totalling $975,000 for the three-year term beginning June 1, 2022 and ending October 1, 2024; and
b. Execute a one-year extension to the Sponsorship Agreement, if sponsor elects to exercise its option, for an annual sponsorship fee of $325,000 for the one additional year, and term ending on October 1, 2025.
SUMMARY/DISCUSSION:
Bridgestone Americas Tire Operations LLC (Firestone) wishes to enter into a three-year Sponsorship Agreement (Agreement) with the County with a right of first refusal option to renew the Agreement for one additional year. The initial term of the proposed Agreement shall begin on the June 1, 2022 and end on October 1, 2024, unless sooner terminated in accordance with the Agreement. During the term of the Agreement, Firestone shall be named the Event Title Sponsor and Official Tire of the NTT INDYCAR Gr...
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