Subject:
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Tourism Promotion Agreement with Green Savoree St. Petersburg, LLC for a Fiscal Year 2025 Elite Event.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Tourism Promotion Agreement with Green Savoree St. Petersburg, LLC (Green Savoree) for a Fiscal Year 2025 (FY25) Elite Event.
• Agreement with Green Savoree for $150,000.00 supports the Firestone Grand Prix of St. Petersburg presented by RP Funding (Firestone Grand Prix).
• Funding is allocated toward sponsorship benefits and will be paid post event.
• FY25 Elite Event funding was recommended by the Tourist Development Council on July 17, 2024, and approved by the Board of County Commissioners (Board) on August 13, 2024.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
The Tourism Promotion Agreement is for the Firestone Grand Prix scheduled to be held February 28 - March 2, 2025, in St. Petersburg. Funding 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 $2,000,000.00.
FY25 marks the 12th year the Firestone Grand Prix has received funding through the Elite Event Program. This event is considered an Elite Event and was funded continuously from 2007 to 2018. Funds are allocated solely to sponsorship benefits, which include naming rights as the “Official Beaches,” media center naming rights, track signage, the opportunity to participate in the first Track Block media event, and more as detailed in Exhibit A of the agreement.
Payment will be made on a post event basis upon receipt of a report and other supporting documentation, which is due within 45 days of the event.
Fiscal Impact:
$150,000.00 Firestone Grand Prix
Funding to support this Tourism Promotion Agreement in the amount of $150,000.00 is included in 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 Council
Attachments:
Tourism Promotion Agreement