TITLE
Recommendation to authorize City Manager to execute any and all documents necessary for an Amended and Restated Agreement with the Grand Prix Association of Long Beach, LLC, a Delaware limited liability company. (District 2)
DISCUSSION
On April 15, 1975, the City and the Grand Prix Association of Long Beach (Association) executed Agreement No. 16278 (Agreement) granting permission to the Association to conduct championship Grand Prix automobile races in the City of Long Beach. The term of the Agreement, as amended, expired June 30, 1990. On April 30, 1990, the City extended the term of the Agreement to June 30, 2000. On April 18, 1995, the City amended and restated the Agreement, which included a termination date of June 30, 2010.
The City has had a long and mutually advantageous relationship with the Association. The races have drawn large crowds, national and international exposure for the City, and generated substantial positive economic benefits. In an effort to continue this relationship, the Association has requested to extend the term of the current Agreement to June 30, 2020. This request provides an opportunity for the City to revise and refine other aspects of the Agreement.
While most of the provisions of the existing Agreement will remain unchanged, the proposed Amended and Restated Agreement will include the following significant terms and conditions:
· The Association shall be granted the exclusive right to conduct an annual Championship Grand
Prix race event, which event shall include Champ Car, the Indy Racing League, Formula 1, or
other premier race car series approved by the Automobile Competition Committee for the United
States and certified by the Federation Internationale de L'Automobile. If none of those series can
be conducted, the Association may schedule another similar premier open-wheel race event
upon the prior approval of the City in its sole and absolute discretion.
· The City shall not permit or otherw...
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