Subject:
Title
Tourism Promotion Agreement with Powerboat P1 (USA) LLC for the 2nd FY 2025 Elite Event.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Tourism Promotion Agreement with Powerboat P1 (USA) LLC (Powerboat) for the 2025 St. Petersburg Powerboat Grand Prix, the 2nd Elite Event for Powerboat during the Fiscal Year 2025 (FY25) Elite Event funding cycle.
• Agreement with Powerboat for $75,000 supports the 2025 St. Petersburg Powerboat Grand Prix (Powerboat Grand Prix), the 2nd FY25 Elite Event for Powerboat.
• Powerboat previously received $50,000 in FY25 Elite Event funding for tourism promotion benefits that were received by the County prior to the cancellation of the October 2024 event, due to Hurricanes Helene and Milton.
• In 2023, this event brought $3.1 million in direct economic impact to the County.
• Board of County Commissioners (Board) approved up to $125,000 in FY25 Elite Event funding for the Powerboat Grand Prix.
• FY25 Elite Event funding was recommended by the Tourist Development Council on July 17, 2024, and approved by the Board on August 13, 2024.
Body
Strategic Priorities:
Prosperity and Opportunity
3.2 Provide and promote tourism opportunities
Summary:
The Tourism Promotion Agreement is for the 2025 Powerboat Grand Prix, which is scheduled to take place on September 5-7, 2025. Both the 2024 and 2025 Powerboat Grand Prix events fall within the FY25 Elite Event funding cycle with the September event being the 2nd Powerboat Grand Prix. The 2024 event was scheduled for October 18-20, 2024, but was cancelled due to the 2024 hurricanes. Funding for the September event will be paid on a post event basis upon receipt of a report and other supporting documentation.
Background/Explanation:
On August 13, 2024, the Board approved 39 events for the FY25 Elite Event Funding Program for a maximum (or “up to”) total funding amount of $2,000,000, including $125,000 for the Powerboat Grand Prix.
The 2024 Powerboat Grand Prix scheduled for October 18-20, 2024, was cancelled due to Hurricanes Helene and Milton. Prior to cancellation, the County had received tourism promotion benefits. A Finalized Agreement with Powerboat in the amount of $50,000 for the benefits that had been received was approved by the Board on February 25, 2025.
In late January 2025, the Convention and Visitors Bureau (CVB) was notified the 2025 Powerboat Grand Prix (2nd event) was scheduled for September 5-7, 2025, still within FY25. Since $75,000 of the FY25 Elite Event funding award remained, it was determined the September event could be supported in exchange for additional tourism benefits.
The County has supported Powerboat Grand Prix through the Elite Event Funding Program since 2023 when the event brought an estimated $3.1 million in direct economic impact to the County. Funding for the 2025 Powerboat Grand Prix is allocated toward sponsorship benefits, which are detailed in Exhibit A. Funding will be paid on a post event basis upon receipt of a report and other supporting documentation.
Fiscal Impact:
$75,000 2025 Powerboat Grand Prix
Funding to support this Tourism Promotion Agreement is provided through the CVB’s Annual Operating Budget. The source of funding is the Tourist Development Tax Fund.
Delegated Authority:
Authority for the County Administrator to sign this Tourism Promotion Agreement is granted under Code Section 2-62 (a)(1).
Staff Member Responsible:
Brian Lowack, Director, Convention and Visitors Bureau
Partners:
Tourist Development Tax Fund
Attachments:
Tourism Promotion Agreement