TITLE
Recommendation to authorize City Manager, or designee 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 August 8, 2017, after an extensive Request for Proposals (RFP) process, the City Council authorized the City Manager to enter into an Exclusive Negotiating Agreement (Agreement) with Grand Prix Association of Long Beach, LLC (Association), to negotiate terms of an agreement for the promotion and operation of an Indy Car Grand Prix Race and associated events (Grand Prix).
The Grand Prix has been an important marquee event in the City for decades, and the Association has been a responsive and flexible operator of this highly successful event. The Grand Prix is a large scale regional event drawing more than 200,000 visitors to Long Beach, annually. The event provides significant national exposure for the City, and generates significant economic benefit to the City.
Economic Development staff has worked closely with the affected City departments, including Police, Fire, Public Works and the Office of Special Events and Filming on the terms of the Agreement. While some of the provisions of the existing Agreement will remain unchanged, the proposed Amended and Restated Agreement will include the following significant modifications to the terms and conditions:
As directed by the City Council on August 8, the Amended term shall be extended through June 30, 2023, and include one five-year option through June 30, 2028, approved at the sole discretion of the City.
The overall construction and installation schedule has been reduced by one week from 60 to 53 days. Additionally, the Association has agreed to expressly compress the time schedule in proximity to the Aquarium and adjacent restaurant pads. Previously, the only restriction to installation and setup in this area was that no work could occur earlier t...
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