Subject:
Title
Finalized Agreement with Powerboat P1 (USA) LLC for a Fiscal Year 2025 Elite Event.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Finalized Agreement with Powerboat P1 (USA) LLC for the St. Petersburg Powerboat Grand Prix (Powerboat), a Fiscal Year 2025 (FY25) Elite Event.
• Finalized Agreement with Powerboat is for payment of $50,000.00 in tourism promotional benefits that were received prior to event cancellation, due to Hurricanes Helene and Milton.
• Funding is allocated between sponsorship benefits and marketing and advertising expenditures:
o $15,000.00 for sponsorship benefits.
o Up to the sum of $35,000.00 for marketing and advertising expenditures.
• 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.
Body
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 Finalized Agreement will allow the Convention and Visitors Bureau (CVB) to pay Powerboat for the portion of tourism promotional benefits that were expended and received prior to the event being cancelled by Powerboat, due to Hurricanes Helene and Milton. Because the original agreement had not been fully signed, the CVB is processing this Finalized Agreement in order to pay Powerboat under these circumstances.
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.
The Powerboat was scheduled to be held on October 18-20, 2024. Powerboat and the CVB came to an agreement on the terms of the promotional deliverables and the CVB received a signed agreement from Powerboat. Before the agreement could be fully signed, the County was impacted by Helene and Milton and the event was subsequently cancelled. This Finalized Agreement recognizes the tourism promotional benefits that were received prior to the event being cancelled.
Funding for this event is allocated between sponsorship benefits and marketing and advertising expenditures, which are detailed in Exhibit A and B of the agreement.
Fiscal Impact:
$50,000.00 Reduced Funding Amount
Funding to support the Tourism Promotion Agreement in the amount of $50,000.00 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 the Finalized 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:
Finalized Agreement