HomeMy WebLinkAboutM-84-1473_10
A
City of Miami, Florida
INTER -OFFICE MEMORANDUM
TO: The Hono e d Members DATE: December 190 1984 File A-83-123
of th ity issi
SUBJECT: Grand Prix Agreement
FROM: 'Lucia"''". BoO§%rty REFERENCES: Amendment to Agreement
City Attorney //
ENCLOSURES: Amendment to Agreement;
Existing Agreement
Pursuant to your request of Thursday, December 13, 1984, this office has
renegotiated the Amendment to the existing Agreement between the City and Miami
MotorSports, Inc. ("Licensee"). The proposed Amendment contains the following mod-
ifications to the original Agreement:
a. City has agreed to modify Biscayne Boulevard at the Port Boulevard
entrance and exit to eliminate present differences in elevation and
to make'other necessary improvements to accommodate the new racing
circuit required as a result of the Bayside Specialty Center,
b. City has agreed to provide, at no expense to the Licensee, all City
personnel required for the staging of the race,
c. Licensee has agreed to increase the percentage of net profits which
it will pay to the City by two and one-half percent (2-1/2%). Thus,
the City will receive the following percentages of net profits derived
from the event:
From $0 - to $1,000,000 12%
From $1,000,000 to $1,500,000 15%
From $1, 500, 000 17.5%
d. The parties recognize, in the Amendment, that Licensee has the right
to the exclusive use of the "Miami Grand Prix" and "Grand Prix of
Miami" names.
e. City has agreed to pay Licensee an impact fee in the amount of the
$350,000 to be paid on or before December 31, 1984, and $100,000 each
year that a race is held for the remaining term of the License and
any renewal term, to offset the significant impact of the construction
and operation of the Bayside Specialty Center on the race event.
84-1473
December 19, 1984
Page - 2 -
1784F/
f. The Licensee has agreed that no race events will be scheduled during:
(i) the period commencing on the seventh (7th) day before Thanks-
giving and ending on the following January 1, and
(ii) the periods commencing on the seventh day prior to each of the
following named holidays and ending with each respective holiday:
Independence Day, Easter and Labor Day provided that, with the
prior express written consent of City and Bayside Center Limited
Partnership, the race may be held on the weekend prior to Thanks-
giving Day.
g. In return for the City's efforts to reduce the adverse impact of the
Bayside Specialty Center on the staging of the race event, the City
will have the right to conduct a concert or similar activity in Bay -
front Park each year on the intervening night of the two-day Race
Event, all proceeds of which will go to the City.
h. The City agrees to pay Licensee the amount of $100,000 on or about
January 319 1985, for the grant by Licensee of a Removal Option to
the City which will allow the City require Licensee, on a year-to-year
basis during the remaining thirteen (13) years of the Agreement, to
run the Race Event on a race circuit located outside of Bayfront Park,
on a circuit approved by the City. The City also agrees to pay
Licensee an additional amount of $100,000 each year that it exercises
the "Removal Option".
i. The parties both agree that in the event the City proposes construc-
tion, development or a use of the FEC Tract which is inconsistent
with the race circuit, the City Manager has the authority to require
the race to be staged off of the FEC Tract.
84-147.3
AMENDMENT TO AGREEMENT
THIS AMENDMENT TO
AGREEMENT ("this Amendment")
dated December,
1984 by and between CITY OF MIAMI, a municipal corporation of the State of
Florida having an address
c/o City Manager's Office,
City Hall, 3500 Pan
American Drive, Miami, Florida 33133 ("City"), and MIAMI
MOTORSPORTS, INC., a
corporation organized and
existing under the laws of the State of Florida
3
having an address at 10300
S.W. 72 Street, Miami, Florida
33173 ("Licensee").
WITNESSETH:
:r
WHEREAS, Licensee and City entered into an Agreement dated June 14,
1982 ("the Agreement") under which City granted Licensee a license to use a
portion of Bayfront Park and adjacent roadways and land owned by the City for
the staging of grand prix racing events on certain terms and conditions; and
WHEREAS, City and Bayside Center Limited Partnership ("Bayside")
intend to enter into a lease agreement ("Retail Lease") for the development of
t
a waterfront specialty center ("Bayside Specialty Center"), and a lease
e
agreement ("Parking Garage Lease") for the development of parking facilities
( "Parking Garage") on a portion of Bayf ront Park which constitutes a portion
of the property for which a license is granted to Licensee under the Agreement.
The premises demised under the Retail Lease and the Parking Garage Lease are
shown on Exhibit A and more particularly described in the Retail Lease and
Parking Garage Lease (collectively called "Leased Property"); and
WHEREAS, the City of Miami Department of Off -Street Parking and Bay -
side intend to enter into a Management Agreement ("Management Agreement"); and
WHEREAS, City, Bayside and Licensee intend to enter into a
Supplemental Agreement ("Supplemental Agreement"); and
84--IL473
f
WHEREAS, the Race Events (hereinafter defined) have brought
significant economic benefits to the City as well as focusing favorable
national and international attention on the City; and
WHEREAS, City and Licensee recognize that the Bayside Specialty
Center will have a definite impact on the staging of the Race Events and the
staging of the Race Events and related activities will have an impact on the
operation of the Bayside Specialty Center and the Parking Garage; and
WHEREAS, City and Licensee desire to set forth their understanding,
rights and obligations with respect to staging of the race on or near the
Leased Property,. the balance of Bayfront Park, the FEC Tract and adjacent
public streets by entering into this Amendment to the Agreement.
NOW, THEREFORE, for Ten Dollars 310.00) and other good and valuable
consideration, receipt and adequacy of which is hereby acknowledged, the
J parties agree as follows:
1. The foregoing recitals are true and correct and are made a part
of this Amendment.
2. Paragraph 1 of the Agreement is amended to read as follows:
Id "l. City hereby grants to the Licensee the
license, permit and privilege to conduct the above
referenced auto Race Events under the auspices of the
International Motor -Sports Association, or other
sanctioning authorities as referred to in the
Agreement, on certain City property and public rights
of way under City authority, which will be duly
sanctioned by the appropriate national and/or
international bodies, commencing in 1983 and
continuing each year thereafter during the term of
this Agreement subject to the Supplemental Agreement.
The City property within said circuit and covered by
this license includes the Leased Property, the balance
of Bayfront Park, Bayfront Auditorium and the FEC
Tract. The race circuits which Licensee shall be
permitted to use in accordance with the circum-
stances relating to each, as more particularly
described in the Agreement, this Amendment and the
Supplemental Agreement, are the following:
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84--1473
M The race circuit for the 1985 Race Event, as
shown on Exhibit B;
(ii) The race circuit shown on Exhibit E;
(iii) The race circuit to be established pursuant
to Paragraph 8(e) hereof;
(iv) The race circuit to be established pursuant
to Section 7.1(c) of the Supplemental Agreement;
(v) The race circuit to be established pursuant
to Section 3.4 of the Supplemental Agreement; and
(vi) any other race circuits to be established
pursuant to Paragraph 4 of the Agreement.
Licensee shall have the exclusive right, subject,
however, at all times, to the Retail Lease, Parking
Garage Lease, Parking Garage Management Agreement, and
the Supplemental Agreement, to limit access to the
Race Event area, provide for race track, viewing and
pit areas, charge admission fees to persons in the
Race Event area, and operate all concessioning except
as herein provided."
3. Paragraph 2 of the Agreement is amended to read as follows:
"2. The parties hereto recognize that a portion
of Bayfront Park may be under construction during
future years and is scheduled to be under construc-
tion during a period commencing on or about March 15,
1985 and ending upon completion of construction of
the Bayside Specialty Center which is scheduled to
be completed approximately two years later. During
the 1985 annual two day race (exclusive of set up
and take -down periods) for race cars, which event
occurs on a Saturday and Sunday ("Race Event"),
which is scheduled to occur on February 23 and 24,
1985, the Licensee shall use the racing circuit
shown on the drawing attached hereto as Exhibit B.
During the staging of the race in 1986 and each year
thereafter until this Agreement terminates, except
as set forth herein or in the Supplemental
Agreement, the Licensee shall use those portions of
the Bayfront Park and the FEC Tract for the race
circuits and staging areas, and those portions of
the Bayfront Park and the FEC Tract located outside
the Leased Property for concession areas, within the
areas shown on Exhibit E. The City shall modify
Biscayne Boulevard at the Port Boulevard entrance
and exit to eliminate the existing differences in
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84-147,3
elevation on that portion of Biscayne Boulevard and
to make other improvements which in the sole opinion
of the City are considered necessary to meet the
requirements of the International MotorSports
Association or other sanctioning authority for use
'
of the area as set forth in Exhibit E. promptly
after each race the City shall remove all tire
tracks from road surfaces and sidewalks."
f
4. Paragraph 8 is amended to read as follows:
"8. (a) Subject to the rights of Bayside under
the Retail Lease, Parking Garage Lease Management
y
Agreement and Supplemental Agreement, this license
shall authorize the Licensee to operate, or give
other concessionaires license to operate, all
concessioning within the fenced racing circuit on an
L'
exclusive basis, except as herein provided,
merchandising articles which shall include but not
be limited to food, beverages (including beer and
wine), subject to applicable law, and souvenirs.
Licensee is further recognized to have exclusive
ownership and use rights to the "Miami Grand Prix"
and "Grand Prix of Miami" name. The City further
understands and agrees that the Licensee will have
the exclusive privilege to obtain television broad-
casting rights for the Race Events contemplated by
c
this Agreement.
(b) The parties hereto recognize that the
construction and operation of the Bayside Specialty
Center will require a modification of the present
race circuit, staging areas and concessionaire
areas, will decrease the area of Park and adjacent
City owned land presently available to Licensee for
viewing and pit areas and concession areas, and will
cause an adverse impact on Licensee in terms of its
exclusive concessionaire rights.
(c) Therefore the City agrees to pay to
Licensee the amount of $350,000 on or before
December 31, 1984 and to pay to Licensee an
additional $100,000 Impact Fee (hereinafter "Impact
Fee") per year for each year of the remaining term
of the Agreement, said sum to be paid upon the
approval by City Manager of the schedule required
pursuant to paragraph 33 of the Agreement. The City
agrees that the $100,000 Impact Fee payable to
Licensee with respect to the 1985 Race Event shall
be paid to Licensee on or before January 15, 1985.
In no event shall City be required to pay the
$100,000 Impact Fee or any sums otherwise due
hereunder in any year Licensee fails to stage a
-4-
84-14'7.3
elevation on that portion of Biscayne Boulevard and
to make other improvements which in the sole opinion
of the City are considered necessary to meet the
requirements of the International MotorSports
Association or other sanctioning authority for use
of the area as set forth in Exhibit E. Promptly
after each race the City shall remove all tire
'r
tracks from road surfaces and sidewalks."
i
4. Paragraph 8 is amended to read as follows:
"8. (a) Subject to the rights of Bayside under
the Retail Lease, Parking Garage Lease Management
Agreement and Supplemental Agreement, this license
shall authorize the Licensee to operate, or give
t
other concessionaires license to operate, all
concessioning within the fenced racing circuit on an
exclusive basis, except as herein provided,
;.
merchandising articles which shall include but not
be limited to food, beverages (including beer and
wine), subject to applicable law, and souvenirs.
Licensee is further recognized to have exclusive
ownership and use rights to the "Miami Grand Prix"
and "Grand Prix of Miami" name. The City further
understands and agrees that the Licensee will have
the exclusive privilege to obtain television broad-
casting rights for the Race Events contemplated by
this Agreement.
(b) The parties hereto recognize that the
construction and operation of the Bayside Specialty
Center will require a modification of the present
race circuit, staging areas and concessionaire
areas, will decrease the area of Park and adjacent
City owned land presently available to Licensee for
viewing and pit areas and concession areas, and will
cause an adverse impact on Licensee in terms of its
exclusive concessionaire rights.
(c) Therefore the City agrees to pay to
Licensee the amount of $350,000 on or before
December 31, 1984 and to pay to Licensee an
additional $100,000 Impact Fee (hereinafter "Impact
Fee") per year for each year of the remaining term
of the Agreement, said sum to be paid upon the
approval by City Manager of the schedule required
pursuant to paragraph 33 of the Agreement. The City
agrees that the $100,000 Impact Fee payable to
Licensee with respect to the 1985 Race Event shall
be paid to Licensee on or before January 15, 1985.
In no event shall City be required to pay the
$100,000 Impact Fee or any sums otherwise due
hereunder in any year Licensee fails to stage a
- 4 -
84~14'7,3
race. Licensee agrees to stage a Race Event no less
than once each year in years 1985, 1986 and 1987 and
that its failure to do so shall constitute a default
under the Agreement.
(d) In recognition of the City's attempts
}
to lessen any adverse impact of the Bayside
Specialty Center on the staging of the Race Event,
Licensee agrees to allow the City, at no expense to
Licensee, to conduct a concert or similar activity
in the Bayfront Park each year on the intervening
night of the two day Race Event, all proceeds of
which shall go to the City so long as the activity
will not in the opinion of the City, have an
unreasonable impact on the staging of the Race
Event.
(e) The City agrees to pay Licensee the
amount of One Hundred Thousand and No/100ths
($100,000) Dollars on or about January 31, 1985 as
consideration for the grant herein by Licensee of an
option (the "Removal Option") in favor of the City
to cause, on a year to year basis during the term of
this Agreement and any extensions thereto, Licensee
to run the Race Event on a race circuit located on
Biscayne Boulevard (in no event shall the race
course include any portion of Bayfront Park) to be
determined by the City. The City agrees that it
shall pay to Licensee at least two (2) calendar
months prior to the Race Event the additional amount
of $100,000 ("Option Exercise Fee!') with respect to
each exercise of the Removal Option by the City.
The Option Exercise Fee shall be promptly returned
to the City should the Race Event not take place as
a result of Licensee's failure to meet the
requirements therefor as set forth in this Agreement
or in the Supplemental Agreement. Such $100,000
shall be in addition to any other sums owed by the
City to the Licensee hereunder. City shall notify
Licensee of its exercise of the Removal Option for
the forthcoming year within 60 days after the Race
Event. Within 30 days after the City notifies
Licensee of the City's intent to exercise the
Removal Option, Licensee must provide the City with
a proposed race circuit and a setup and take -down
schedule for the staging activities for City's
review and approval.
M Licensee has advised the City that
the proposed Biscayne Boulevard course will mean
that the Race Event will not qualify for
international status as a result of being less than
the required length for such events. Licensee
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84-1473
f
agrees that if for any year the City shall exercise
the Removal Option, Licensee shall use reasonable
"
and diligent efforts to lengthen the proposed
Biscayne Boulevard course in a manner to attain the
requisite length to qualify for international car
racing sanctions. Such reasonable and diligent
efforts shall include Licensee's agreement to
attempt to design the course of the Race Event so as
to depart Biscayne Boulevard and head in the area of
Southeast Financial Center returning again to
Biscayne Boulevard or any similar course so as to
add additional length to the Race Event course and
thereby qualify for the appropriate sanctions as an
international racing event. The City shall
+
reasonably cooperate with Licensee in its efforts to
qualify as an international racing event.
(g) Notwithstanding anything herein
contained to the contrary, the City agrees that in
any year that Licensee is unable to run the Race
Event within Bayfront Park, the City shall be deemed
to have exercised the Removal Option and shall pay
the Option Exercise Fee to Licensee; provided,
however, that for any year the Race Event is not
permitted as a result of Licensee's failure to meet
the requirements therefor set forth in this Agreement
or in the Supplemental Agreement, the City shall not
be obligated to pay the Option Exercise Fee with
respect to such year."
5. Paragraph 12 is amended to read as follows:
1112 It is agreed that the City take into
account these racing events as part of the
deliberative process when considering plans for
development within the racing circuits. It is
further agreed that Licensee recognizes the existing
leases between the City and Restaurant Associates
for Reflections and New World Marinas, Inc. for
Miamarina, and will provide access to clients of
both facilities at all times during this event or
access to any future development which may occur
within the racing circuit; provided however that
in the event the City proposes construction or
development or a proposes use on the rtu tract wnicn
- 6 - 84-1473
i
6. Paragraph 14 is amended to read as follows:
"14. As consideration for the staging of the
racing events, and for the provision at City's
expense, of City personnel and City services, which
services shall include but not be limited to
emergency, police, fire, public works, parks,
building, vehicle maintenance and sanitation
services, and which the City hereby agrees to
provide, the Licensee does hereby covenant and agree
to pay to the City a percentage of the net profits
derived from said event as specified below:
From $0 - to $1,000,000 - 12.5% of net profit
From $1,000,000 to $1,500,000 - 15% of net profit
From $1,500,000 - 17.5% of net profit
The above net profit shall include income from beer
sales which shall no longer be subject to the
percentage payments to the City set forth in City
Commission Motion No. 82-630, of July 22, 1982.
Income for net profits shall exclude any payments to
Licensee by the City except for the $100,000 Impact
Fee and the $100,000 Option Exercise Fee."
7. The original Exhibits A, B, C and D to the Agreement are deleted
in their entirety and the new Exhibits A, B, C and D attached hereto are
substituted respectively for the previous Exhibits and the new Exhibit E
attached hereto is added.
8. Paragraph 27 is amended to read as follows:
"Licensee recognizes that, upon completion of the
Baywalk improvements, the Baywalk area included within
the racing circuit will be owned by the United States
Army Corps Of Engineers, and that Licensee will be
required to obtain approval from the District Engineer
prior to the staging of each event. The City shall
cooperate with the Licensee in its efforts to obtain
this approval. In the event that the Corps of
Engineers or other county, state and federal agencies
fail to give the necessary permits to conduct the
race, the City shall not be liable for any costs or
liabilities incurred by the Licensee or for failing to
-7-
84-14'73
t
obtain such permits. if Licensee fails to stage any
race within two (2) years after the extension of this
Agreement, the City has the right to terminate this
license by giving Licensee written notice of City's
election to terminate the Agreement at least fifteen
(15) days prior to said date of termination."
9. Paragraph
30 is amended to read
as follows:
1130.
Licensee agrees to
reimburse City for
materials
or supplies which
are required in the
staging of the IMSA race and subsequent races."
10. Paragraph
33 is amended to read
as follows:
1133. Licensee shall give City six (6) months
prior written notice of the date any race is to be
staged. Such date must be approved by the City
Manager. Licensee shall give City at least sixty
(60) days prior to the scheduled event, a schedule
showing the dates for installation and removal of
grandstands, bleachers, safety devices, and any
other apparatus or equipment utilized in connection
with the event. Such schedule shall be subject to
City's prior approval, which approval shall not be
• unreasonably withheld.
Notwithstanding any other provision of the
Agreement or of this Amendment to the contrary, no
Race Event, nor any race -supported event or race -
associated event, nor any set-up or take -down period
shall be scheduled or held in any year during any of
the following periods: (i) the period commencing on
the seventh (7th) day before Thanksgiving and ending
on the following January 1, and (ii) the periods
commencing on the seventh day prior to each of the
following named holidays and ending with each
respective holiday: Independence Day, Easter and
Labor Day, except with the express written consent
of City and Bayside Center Limited Partnership,
pursuant to the terms of the Supplemental Agreement."
11. This Amendment and the Agreement may be amended by and only by
an instrument executed and delivered by each party hereto.
12. Wherever the Agreement shall refer to "this Agreement" it shall
be deemed to be referring to the Agreement as amended by this Amendment.
_g-
84-14'73
1
*i
13.
Except as otherwise provided in this Amendment, the terms and
provisions of
the Agreement shall remain in full force and effect as if this
Amendment had
not been entered into.
14.
This Amendment shall
become effective on and only on its
s
E
execution and
delivery by each party
hereto and the approval and execution of
the Supplemental Agreement by all the
parties thereto.
15.
This Amendment and the
Agreement represent the complete under-
standing between the parties hereto as to the subject matter hereof, and
a supersede all prior written or oral negotiations, representations, warranties,
statements or agreements between the parties hereto as to the same, except as
otherwise modified in the Supplemental Agreement.
16. The Amendment is binding on the parties and their successors or
assigns.
IN WITNESS WHEREOF, the parties hereto cause this Amendment to be
executed by their duly authorized representatives the day and year first above
t
written.
WITNESS OR ATTEST:
ATTEST:
Ralph G. Ongie, City Clerk
1665F/457A
MIAMI MOTORSPORTS, INC., a corporation
organized and existing under the laws
of Florida
By:
President
CITY OF MIAMI, FLORIDA, a municipal
corporation of the State of Florida
By:
City Manager
APPROVED AS TO FORM AND CORRECTNESS
City Attorney
-9-
84-147.3
-4!
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QAL�q A "12
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EXHIBIT licit
Office Rent
Utilities
Office EquipmVent
Office Supplies
Employees' Salaries
Insurance
Travel (business related)
Relocation of Trees
Landscaping Repairs
Street o, Median Improvements/Repairs
Marketing & Promotion, Public Relations
Sanctioning Fees
Chainiink Fences
Plynvood/'Masoni to Boards
Bridges
Ccncrete Barriers
Sanitary Facilities
Police/Security
Fire
Clean-up
Bleachers
Misc. Booths, Tents, Etc.
Misc. Employees, Track. Preparation
Race Day, etc.
Sound System
Attorney's Fees (Limited to 55,000 unless
related to lavisuits resul-
ting from race activities)
Accounting Fees
Engineering Fees
Surveyor's Fees
Aerial Photos
Taxes
Commissions (sponsors, ticket sales)
Guest Appearances
Fees for Bayfront Auditorium, •� ..
Department of Off -Street Parking •:
Communications System a; f
Trailer Rentals t _:
Printing
Flags & Decorations
Traci. Preparation, Signs, etc.
Ambulances, Paramedics, Doctor, Nurses
Race Workers
Race Purse, Prizes
All expenditures must be directly race -related or they will be disallowed-. '
All deductible operating expenses must be approved as a part of the
budget by the City Manager.
' •N
EXHIBIT C `• •• ` ```�
EXHIBIT D
84-1473
s
P
Year
% of Net Profit to City
3 through 5
From $-0- to $1,000,000
From $10,0000000 to $1,5000,000
From $1,500,000
6
From $-0- to $1,000,000
From $1,000,000 to $1,500,000
From $1,500,000
7
Fran $-0- to $1,000,000
From $1,000,000 to $1,500,000
From $1,500,000
8
From $-0- to $1,000,000
Fran $1,000,000 to $1,500,000
From $1,500,000
9
Fran $-0- to $1,000,000
From $1,000,000 to $1,500,000
Fran $1,500,000
10
From $-0- to $1,0001000
From $1,000,000 to $105009000
From $1,500,000
11 through 15
Fran $-0- to $1,000,000
From $1,000,000 to $1,500,000
Fran $1,500,000
�z
12. 5% of net profit
15% of net profit
17.5% of net profit
14.5% of net profit
17% of net profit
19.5% of net profit
16.5% of net profit
19% of net profit
21.5% of net profit
18.5% of net profit
21% of net profit
23.5% of net profit
20.5% of net profit
23% of net profit
25.5% of net profit
22% of net profit
24.5% of net profit
27% of net profit
22% of net profit
24.5% of net profit
27% of net profit
EXHIBIT D
84-1473
h a oT
AGREEMENT
THIS A'GPEE, EiNT made and entered into this 14th day of June 1.922
by and between the City of Miami, a municipal corporation of the State of Florida,
hereinafter referred to as the "CITY" and Miami MotorSports, Inc., 10113 S.W.
72 Street, Miami, Florida 33173, a corporaticn organized and existing under the
Ia'.;s cf the State of Florida, hereinaTtar referred to as the "LICENISF^'.
and
WITNESSETP
WHEREAS, the City desires to expand national and international tourism;
WHEPEAS, the City Conrission, after reviewing a request sub^itted by
Licensee for the holding of an automobile race in downtovm Mi anii , passed on
February 11, 10-62, Motion 82-61, approving the holding of the race event; and
IMERE,AS, the City Commission on'March 11, 1922, by Resolution No. 82-2*26,
au- �3r ig -.^ the City Manager to negotiate an agreement wi th Licensee to sponsor
such an event; and
..WHEP.EAS, Licensee has been granted preliminary national and international
sanction for the staging of an International 17otorSports Association race currently
to be held on February 26 and FeLruary 27, 1983; and
WHEREAS, Licensee has received preliminary circuit approval from the
It SA for an IIISA race in 10,83; and
WhErEAS, Licensee desires to be granted a license and privilege to stage
an IMSA race in 192D3, and, thereafter, racing events sanctioned by !MSA, For:,lula I
Championship Grand Prix (FIA), Championship 1",utcmc6ile Racine Team (CART), and/or'
Sports Car Club of America (SCCA) during the term of this license; and
14F-REAS, such an event, as conterrlated by the parties, t•rould give
favori-hie publicity and advertising of the advantages and opportunities of t!:e
Ci ty, and such publ i ci ty wi1 1 be nation and wcrld aide; and
g�_rq 73
,
h a of
A G R EEFS ENT
THIS AGr7_c ',EN'T made and entered into this 14th day of June 1082
by and between the City of Miami, a municipal corporation of, the State of Florida,
hereinafter referred to as the "CITY" and t•liami .1•lotorSports, Inc., 10113 S.W.
72 Street, Miami, Florida 33173, a corporation organized and existing under the
la,.;s of the State of Florida, hereinafter ref erred to as the "LICEi SEE".
and
WITNESSETH
WHIEREAS, the City desires to expand national and international tourism;
WH£'REAS, the City Commission, after reviewing a request subdMi teed by -
Licensee for the holding of an automobile race in downtown Miami, passed on,
Feb•ruar;; 11 , 10.82, Motion 82-081, apprc;ing the holding of the race event; and
14HEREAS, the City Commission on .,arch 11, 1922, by Resolution ;lo. 82-226,
auz'or4l; cd the City Manager to necctiate an agreement with Licensee to sponscr
such an event; and
_.l•1HEP,£AS, Licensee has been granted preliminary national and international
sanction for the staging of an International ,'•lotorSports Association race currently
to be held on February 26 and February 27, 1983; and
•41HEPE.AS, Licensee has received preliminary circuit approval from the
I1•ISA for an I115A race in 10.83; and
WHEREAS, Licensee desires to be granted a license and privilege to stage
an IMSA race in 19c3, and, thereafter, rating events sanctioned by DISA, Formula I
Championship Grand Prix (FIA), Championship Autondbile Racing Team (CART), and/or'
Sports Car Club of America (SCCA) during the term of this license; and
WEPEAS, such an event, as contemplated by the parties, v.ould give
favo-i-hle publicity and advertising of the advantages and cppertunities of the
City, and such publicity will be nation and wCrld and
WHEREAS, such an event would drawthousands of individuals as partici-
pants and spectators and therefore has significant impact on the economy of the
City; and
WHE' EAS, the staging of the racing events will enhance the City's growing =
imace and draw attention to the City's dontl own and bayfrcnt inprovements; and
WHEREAS, City is Frilling to grant Licensee a license and privilege to
stage an !MSA race in IM, and other auto races during the tern of this license
as approved by the City:
N014 THEREFORE, in consideration of the mutual terms and conditions
hereinafter set forth, it is agreed as f of 1 ows :
1. City hereby grants to the Licensee the license and privilege to conduct
the above referenced auto racing events under the auspices of the International IMotor-
Sports Association, or other sanctioning authorities as referred to on Pa^: 1 of this
agreement, on City property and public rights of way under City authority situated
!!ii.hin the racing circuits as shcein on the dra;rings attached hereto marked Exhibits
"A" and "B", which will be duly sanctioned by the appropriate national and inter-
national bodies, commencing in 1983 and continuing each year thereafter during the
term of this agreement. The City property within said circuit and covered by this
license includes Bayfront Park, Bayfront Auditorium and the FEC park property.
2. The parties hereto recognize that a portion of Bayfront Park may be
under construction during the first year and possibly future years of the races.
Should such construction interfere with the staging of any race, the event shall
be held on the circuit as shorn on the drab; i ng attached hereto marked Exhibit "S".
The City property within said circuit and covered by this agreement includes
Bayfront Park, Bayfront Auditorium and the FEC park property. The City Manager
shall make the final dete nnination as to which circuit shall be used, no later than
ninety (90) days before the scheduled date of the event.
low MW
• 3• It is understood that the Licensee agrees to make separate arrangements
with any entities having a legal interest in the areas located within the racing
circuits COnt-mMiiDlated by this agreement, includino but not limited to the Off -Street
Parking Authority, for the use of property which it controls, as necessary, as well
as the manaoer of Bayfront Park Auditorium for its use and appropriate state and
federal authorities for use of public rights of way not owned by the City, and
further agrees to provide nct less than a six-fcot .-Jde area pedestrian access
along all public side.•.alks adjoining private businesses included within the
boundaries of the racing circuit.
4. Should any chsnSes be required in either racing circuit, Licensee shall
present such chances to City I'lar:ager for approv In addition, should Licensee
require any design changes in required improvements, such changes shall be. -presented
to the Director of Public Works for approval.
5. The parties intend that this documnent shall be a license and privilege
any' that no leasehold or ether interest in land is conferred upon, the user.
6. The Licensee agrees it shall be solely responsible for the staging of
the automobile race on city -owned property and public rights of way and shall
obtain all necessary clearances, permits, and permissions and shall bear all cost
incurred in obtaining said authorizations.
7. .The City will not authorize automobile racing events alono these same
racing circuits for a period of sixty 1,60) days before and sixty (60) days after
.the holding of each of the,-:-., events.
8• This license shall authorize the licensee to operate, or give other
concessionaires license to operate all concessioning except as herein provided,
merchandising articles which shall include but not be 1 it;i ted to food, beverages
(including beer and wine), subject to applic-,ble la.:, ?nd souvenirs. The City
further understands and agrees that the Licensee will have the privilege to o�tain
television bro3dcastinq riches for the racing events contemplated by this acreEmen;.
r -3- �,
9. This concession ,•. vilege shall include t h e period of time during _
the set-up prior to the motor car race and the dismantle tirre immediately
folla.ving the race event.
10. It is understood and agreed that the authorization herei nabove set
forth shall be for the week immediately preceding the motor car races herein
provided, which shall be that period of time from the Monday preceding the day
of the motor car race through the day said motorcar race is staged.
11. The Licensee recognizes that there is in full force and effect a can -
cession agreement with Torn Bacci o for a push cart operation selling hot dogs
V
P
and cokes in Bayfront Park. It is understood and agreed that the concession
rights granted hereunder are not intended to be exclusive in favor of the
Licensee (wi th regard to Mr. Bacci o's operation) , but that the concessionaire
currently having concession rights granted by the City is to be allowed to sell
-_
hip goods during.the motor car race event along with the Licensee.
12. It is agreed that the City take into account these racing events as
part of the deliberative process when considering plans for development within
the racing circuits. It is further agreed that Licensee recognizes the existing
leases Between the City and Restaurant Associates for Reflections and New World
Marinas, Inc. for Miamarina, and will provide access to clients of both facilities
at all times during this event or access to any future development which may occur
%•ri thi n the racing circuit.
13. The term of this agreement shall be for an initial period of five (5)
years, (the "initial terra"). It steal` ur.mr nonce upon the signing of this agreement.
The Licensee shall have the option of extending the term of this agreement in two
(2) additional increments of five (5) years each ( the "extension periods") up to
I
a total of fifteen (15) years. If Licensee elects to extend the term of this
agreement for the first 5-year extension period, Licensee shall give the City written
notice of its intention to exercise its option ax, least one hundred eighty (180)
days prior to the expiration of the initial tern of this agrOserent, and if
Licensee elects to extend the tern of this agreement for the second 5-year
extension period, Licensee shall give City written notice of its intention
at least one hundred eighty (IM) days prior to the expiration of the first
5-year extension period.
14. As consideration for the staging of the race event, the Licensee
does hereby covenant and agree to pay to the City a percentage of the
net orofits derived from said event as specified below:
From S-0- to $1,000,000 - 10`: of net profit
From $1,000,000 to S1,500,000 - 12.5% of net profit
From $1,500,000 - 15% of net profit
15. The City's percentage of net profits as described above shall increase
in all categories of the percentages in this license in the sixth (6th) year
of this license and each year thereafter through the tenth (loth) year in the
2rr.cunt of two percent (2`) per year. From, the eleventh (llth) year through the
fifteenth (15th) year of this license, the City's percentage levels of net
profit shall remain constant. (See Exhibit "D".)
16. The Licensee shall deliver on or before one hundred twenty (120) days
following the event at the office of the Department of Finance of the Ci ty, or
at such other place as may be designated thereafter by the City 1.1anager the amount
of the consideration payable to the City attributable to the "net profit" derived
by the Licensee from all income, charges, sales, receipts, canissions paid to
or received by the Licensee or ticket sellers, including but not limited to,
income from ticket.sales, media income, sponsorships, exclusives, advertising,
concessions, contributions, program sales and special events. Along with said
payment, the Licensee shall provide a statement in certificate form signed by a
5
Certified Public Accountant setting forth the amount of gross receipts and opera-
tional cost and expenses :•rhich shall include all debts, obligations, cost, and
expenses incurred by the Licensee in preparation for and staging of the racing
event. Specifically excluded from any operating cost or expenses shall be any
payment to stockholders, officers, or principals of the Licensee for any direct
or indirect participation in enterprises in connection with the racing event.
17. The approved operational expenses which shall be deducted from gross
receipts are depicted in Exhibit "C". The gross -receipts of the racing event -minus
the approved operational expenses shall be the net profit. Any additional expenses
not outlined in Exhibit "C" must be approved by the City Manager. Operational
expenses in the categories listed in Exhibit "C" are acceptable race expenditures.
Specifically excluded from operating costs shall be corporate taxes.
18. A ccm-plete budget, including operational expenses, shall be submitted to
and approved by the City Manager no•later than one hundred t%.ienty (120) days before
ne scheduled race date yearly.
19. Should the Licensee fail ,to i7nake payment of the consideration due the City
within one hundred twenty •(120) days following the event, a late payment charge of
20*1c' of the amount due the City i;,i l l be assessed to the Licensee.
20.• Licensee shall provide the City Manager with a copy of the Articles of
Incorporation for 14iami MotorSports, Inc. before signing this agreement.
21. Licensee shall, at its sole cost and expense, apply for all necessary
national and internaticnal sanctions to allow each annual event to be qualified
as an IM-1A or oth--r automobile race. Copies of such sanctions shall be forwarded
to the City Manager upon receipt by Licensee, but no later than one hundred twenty
(120) days before the scheduled date of the race.
22. No later than sixty (60) days prior to the staging of the International
Motor-perts' Association race, which is to be held on February 27, 19830, or such
other date as the parties may agree upon, Licensee shall demonstrate sufficient
capability to finance the installation of the requisite street improvements and
safety devices. Such nstration of financial capab s shall be in a form'
acceptable to the Cit _ r. Thereafter, no later than sixty (66) days prior
to t e staging of each race, Licensee shall submit to the City a financial state-
ment certified by an independent Certified Public Accountant, which reflects
sufficient working capital to stage the forthcoming race. In.the event that the
Licensee fails to comply with the provisions of this paragraph, City shall have
the richt to terminate this agreement.
23- The Licensee agrees to design, construct, or cause to be constructed,
and install all necessary street improvements and safety devices in accordance
with the plans approved by the national and/or international sanctioning bodies,
which may be necessary to create a racing circuit, together with any and all
supporting facilities. S.uch supporting facilities include, but are not limited -
to those required for medical, sanitation or other services the City may deem
appropriate for events of similar type. Bathroom facilities will be provided in
accord with IMSA or other sanctioning body standards.
24• Licensee agrees to post no later than one hundred twenty (120) days
before each race an irrevocable performance bond or other security in the amount
of one bundred thousand dollars ($100,000) with the City conditioned upon the
faithful performance of the Licensee duties under this agreement. Amount of said
bond or security may be increased as deemed necessary by the City Manager, The
City Attorney's office shall approve as to fomr. of the bond or security.
25. All construction performed under this agreement shall be in accordance
with all applicable lairs and regulations applying thereto.
26. The City agrees to assist in obtaining necessary permits and authori- -
zations from applicable government agencies to close affected streets, redo
medians, and construct pedestrian overpasses as necessary for the staging of
this event.'.
ti.Jr♦ .. :�.�..r..�'��.M.fn:•v�w!+wr•'1•+���w•"'�1'A'1. Y:!T�:••��.
safety devices. Such ^istration of financial capab s shall be ih a form'
acce table to the Cit _ r, Thereafter, no later than sixty (60) days prior
to t e staging of each race. Licensee shall submit to the City a financial state-
ment certified by an independent Certified Public Accountant, which reflects
t
sufficient working capital to stage the forthcoming race. In.the event that the
Licensee fails to comply with the provisions of this paragraph, City shall have
the right to terminate this agreement.
23• The Licensee agrees to design, construct, or cause to be constructed,
and install all necessary street improvements and safety devices in accordance
with the plans approved by the national and/or international sanctioning bodies,
which may be necessary to create a racing circuit, together with any and all
supporting facilities. S.uch supporting facilities include, but are not limited
to those required for medical, sanitation or other services the City may deer,
appropriate for events of similar type. Bathroom facilities will be provided in
accord with IMSA or other sanctioning body standards.
24• Licensee agrees to post no later than one hundred twenty (120) days
before each race an irrevocable performance bond or other security in the amount
of one bundred thousand dollars ($100,000) with the City conditioned upon the
faithful,perfo ,:ante of the Licensee duties under this agreement. Amount of said
bond or security may be increased as deemed necessary by the City Manager. The
City Attorney's office shall approve as to form of the bond or security.
25. All construction performed under this agreement sh;.11 be in accordance
with all applicable lav:s and regulations applying thereto.
26. The City agrees to assist in obtaining necessary permits and authori-
nations from applicable government agencies to close affected streets, redo
medians, and construct pedestrian overpasses as necessary for the staging of
this event.'.
-7-
t
27. In the event that it is necessary to obtain permission from the Corps of
Engineers for the use of that portion of Eayfront Park under their control, the
City shall cooperate with the Licensee in obtaining this approval. In the event
that the Corps of Engineers or other county, state and federal agencies fail to
give the necessary permits to conduct the race, the City shall not be liable for
any costs or liabilities incurred by the Licensee or for ,`ailing to obtain such
permits. If Licensee fails to stage any race within t►;o (2) years after the
extension of this agreer�ent, theCity has the rig t o terminate this license.
28. Upon the expiration of the term of this agreement or any extension
thereof, the improvements, devices and facilities constructed by Licensee, which
are permanently affixed to public property or which shall create a hazardous
condition of said public property by their removal, shall becoime the property of
the City without compensation therefore, if the City so elects. All other devices
must be removed by Licensee upon, the expiration of the term, or any extension
thereof, of this agreement or upon the earlier terr.inatien thereof.
29. Should such devices as the safety barriers not be rercved in a timely
-*� fashion, the City has the right to conduct such activity and bill Licensee for
s ame .
30. Licensee agrees to provide for all expenses incurred by the City in
providing emergency, police, fire, sanitation, or other services, and to reir^-
burse City for personnel, materials or supplies which are required in the staging
of the I1.9SA race and subsequent races.
31. too later than ninety (90) days prior to the staging of the IMSA or any
other race, the Licensee shall notify the City of exact fire, police, and sanita-.
ticn requirer^ents for the staging of this race.
121 licensee shall promptly rernove all grandstands, bleachers, safety devices
and any other equipment and apparatus utilized with regard to any event to t-.hich
this agreement applies, such remnval to be canpleted within the times set forth i
the schedule referr"d to tin -;r. ?: this arreement. Licensee shall res o
all City streets and fac �es to the condition such St and facilities were
in prior to the event. All equipment and apparatus under the control of the
Licensee and which may be required for subsequent events shall be stored at the
Licensee's sole cost and expense. At the expiration of the term of this agreement,
or the sooner termination hereof according to the provisions of this -agreement, the
Licensee shall, to City's satisfaction, restore all remises to their original
condition, insofar as possible.
33. Licensee shall give City six (6) months prior written notice of the date
any race is to be staged. Such date must be approved by the City Manager. Licensee
shall give City at least sixty (60) days prior to the scheduled event, a schedule
showing the dates .for installation and removal of grandstands, bleachers, safety
devices, and any other apparatus or equipment utilized in connection with the event.
Such chedu shall be subject to City's prior approval.
34. City will cooperate with Licensee in promoting the race in Miami through
appropriate departments or offices through their normal operations.
35. Licensee agrees that in its operation and promotion of the said race, that
such pr motion and the operations of Licensee shall provide a quality of service
commensurate with and equal to an international event of comparable nature.
36. i.icensee shall pay, prior to delinquency, all taxes, assessments and other
governmental charges that may be laid or levied upon its promotions and operations
under this agreeemnt throughout the full term hereof.
37. Licensee and concessi
enai res shall
at all
times in the promotion of the
events contemplated under this
agreement, and
their
operations in regard thereto,
comply with all l a-ees , ordinances and regulations applicable thereto, enacted or pro-
mulgated by federal, state, city or other governmental bodies or departments or
officers thereof, including the City Charter, the 1.1unicipai Code of the City, and
directives of ' i tv's City ;,;anagpx.
39. Under no circumstances will the City be liable for any expense incurred]
by Licensee o rbehalf of this event.
-9-
39. In the performance of this agreement Licensee and/or,concessionaires
shall not discriminate against any employee or applicant for emplo-invent because
P =
of sex, ace, race, color, religion, ancestry or national origin. Licensee and/or
concessionaires will take affirmative action to insure that ppiican are
employed and that ernlcyees are treated during employment, without regard to their
sex, age, race_, color, religion, ancestry, or national origin-. SLch action shall
include, but not be 1 im,;ted to, the follo:•.ing: employment, upgr3dina, demction =`
or transfer, recruit:.en;, or recruitment advertising, layoff or termination, rates
of pay or other forms of compensation.
40. City shall have the right at all reasonable times, so long as it does r
not interfere with the operations of Licensee, to male ihatever inspections City I-F
&ems reasonably necessary to deten:�ine if Licensee is complying with the terms
and conditions of this agreement. Licensee agrees to provide the City with roc-
sonable access to its operations for such inspection purposes. ,
41. Licensee shall .maintain appropriate records pertaining to its bLsir.css
operations with regard to staging the race events contemplated herein as may be
reasonably required by good accounting practices. City shall have the richt- at -
all reasonable times to examine the becks an of Licensee, which shali be
maintained and kept by the Licensee. City's City Manager shall have the discretion
to require the instaliation of any additional accounting methods as he may deem
reasonably necessary.
42. Licensee sisal 1 obtain at its sole cost and expense, or cause to be
Obtained, and maintain in full force and effect throughout the ten^ hereof, all
necessary and required licenses, permits and authorizations to stage the races
contemplated herein.
43. It is contemplated by Licensee that there will be events, other than
the race events, staged by Licensee. Such other events are to be cate;ori:ed as
a race-sur;ort event or a race -associated event. It is agreed that, : e_ a r3C- S,.N,Or:-
event is an event which is required in order to stage #motor car maces contem-
F
Plated herein, and is an event without which such motor car race cannot be held
=-
or the holding of such motor car race is substantially impaired. It is agreed
_-
thst a race -associated event is an event which is held during the seek preceding
the motor car race, whether the IM SA race or other race event, and which event
is not required in order to stage such motor car races.
44. Licensee shall oive City written notice of at least six (6) months prior
to the time the FEC park property, Bay -Front =.uditorium, and Bay -Front Park facil i-
ties are required by Licensee for either race -supported events or race -associated
events.
F-
45. Licensee shall indemnify, hold harmless, save and defend the City, its
officers and employees from and against any and all claims, 1 iens, 1 iabi i ity, loss
or darr,2e, including but not limited to cost, expenses and attorney's fees caused
by the actual or claimed negligence (active or passive) of Licensee, its scents,
err.^loyees. contractors, concessioncires or licensees, or either of them, either
r
as a sole or contributory cause, for loss of, use of, injury to or destruction of
any property and/or bodily or personal or other injuries, including death, at any
k
time resulting therefrom, sustained by any person or persons, including officers
4
�z
and employees of the City, or in any manner attributable to any and all actions,
representations, or performance of the provisions of this agreement.
t.
46. Licensee shall further indemnify, hold harmless, save and defend the
City, its officers and employees from and against any and all claims, liens,
liability, loss or damage, including but not limited to cost, expenses and attc�rrey's
fees arising out of the City's statutory obligations pertaining to defective con-
ditions in the race circuit and appurtenances thereto, including obligations under
the D crida statutes relating to dangerous condition of public property. The
fcen .,oing ehall not apply to clains or actions for injuries, or damage or loss
ca%sc-d by the sole active negligence of the City, its officers or employees. avents
or contractors,
47. Licensee steal, obtain and keep in force at
times during the staging
of the IMSA race and subsequent races a policy of public liability and property
darr:ace insurance, protecting City, its officers and employees, against any and
all liability due to.the death, injury, loss or damage to persons or property
arisino out of, or in any way incident to Licensee's oaer.tions.
48. Licensee agrees to provide a liability policy in comprehensive `orm in
the amount of not less than t:ver,ty million dollar: (S20,000,000.00) corbined
sin le limits for bodily injury and properly damage. Add '1AL. ily, the insures
must provide products and complete operators coverage and must make the City an
additional named insured under the policy.
49. A certificate evidencing such insurance coverace as is provided for
herein shall be filed with the City's Insurance'ianager prior to the co=, ence-
ment of performance under this agreement, and such certificate sh:all provide
that such insurance coverage will not be cancelled .-iithout at least thirty (30)
& ys' prior written notice to City. At least thirty (30) days prior to the
expiration of any such policy, a certificate showing that such insurance
coverage has been rene...ed shall be filed with the City's Insurance Manager.
5 0. The procuring of the insurance coverage as provided for herein shall
not be construed to be a limitation in any respect upon Licensee's other
oblications under this license.
51. City reserves the right to review the sufficiency of the insurance
policy, as required by this Licensee and to request Licensee to change the
insurance coverage to be provided in any policy of insurance as provided for
herein. Licensee shall, upon receipt of such request, increase the limits of
such insurance to any amount satisfactory to City. Such amount shall be
co„-mensurate viith other events of this nature.
i
r
52. Licensee agrees to insure that the event is conducted without unjustified
interference with business and individual activity in and about the areas where
the said event is staged.
53. Licensee shall not assign this agreement, or any part thereof, without
firs obtaining the written consent of City's City Manager. The approval or consent
of the City 'Aanacer shall not be unr;.csonably withheld. Any-assior=ert of this
acree-en= contrary to the fcregcing provision, whether voluntary or involuntsry,
shall be void and shall confer no right upon said assignee, and the sane shall
result in an immediate forfeiture of the rights of Licensee hereunder.
54. Any .•,giver by either party of any breach by either party of ary one or
mor-= z-F the covenants, conditions or provisions of this agreement shall not be
-construed tc be a %,aiver of any subsequent or other breach of the samme or. any
covenant, condition or provision of this agreement, nor shall any failure on the
part of the City to require or exact full and complete ccmpliance by Licensee
any or the covenants, cenditions or provisions of this aereement be ccnstrUed
as in any manner chanoino the terns hereof or to prevent the City f rcm enforcing
full provisions hereof, nor shall the terms of this agreement be chanced or
altered in any manner whatsoever other than by written agreement of the City and
Licensee.
55•. If Licensee at any time during the term of this agreement, or any
extension thereof, should be in default in any term, provision or covenant of
this agreement, and shall fail to remedy such default within thirty (30) days
after written notice from City, then, if such default is not cured, City may, at
its option, terminate this agreeinent.by giving Licensee written notice of Cityrs•
election to terminate this agreement at least fifteen (15) days prior to said
date of termination.
56. Any and all _es to be given to Licensee ' this 6greament or
required by law to be served upon the Licensee may be giver, or served by certi-
fied or registered l2Lter addressed to the Licensee at the address hereir.before
set forth, deposited in the U.S. mail :with postace prepaid. Any notice or
nct,ces to be given to the City under this agreement or required by law to be
served upon the City nay be given or served by certified or registered letter
=r.e^ the �Ity+ City � �C° ` City " 11 355X p �^erican �''lvo
ads _ �cd to the i S � i �.:•i an_ _r at ,.he 1,1t c , .. v Pan F:,, ...
Miami, Florida 33133, deposited in the U.S. mail Twit;, pos:.ace prepaid. Any
notice served by runs of the US. nail shall be effec -ive from the date of
Mai' .
i nv;
of
IN WITNESS WHEREOF, the parties hereto have caused these present t
be executed with all the `orr-al i ti es required by law on the respective dates
set forth opposite their signatures. -
,1982
,1982
3-0 10 ,19E2
H
MIF.•1I 1.10TGR ORTS INC.,
a corporal' n
By y
President
By
I/ Secretary
r
Corporate Seal
CITY OF 1,114AMI, FLORIDIM'
a municipal cor oration =-
By c•
City ,tan ear
JJ �-
Attested:
By °�. ,►. °i°��
tyCe�rk
APPRCv'_0 AS TO "':-AND-CORRECTNESS:
FLU.-„
By
Ci ty A%t.or hey
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EXHM T "C"
Office Rent
Utilities
Office Equipment
Ofr.ce Supplies
Erplo3,ees' Salaries
Insurance
Travel (business related)
Relocation of Trees
Landscapine PLp-mirs
Street ". Median Improvements/Repairs
101arketi ng & Promotion, Public Rel ati cns
Sanctioning Fees
Chai n ii nk Fences
Plyw o,d/l.'ascnite Boards
Z. 1CC.5
Concrete Barriers
Sanitary Faci 1 i ties
Police/Security
Fire
Clean-up
Bleachers
Misc. Booths, Tents, Etc.
Misc. Fn;ployees, Tract: Preparation
Race Day, etc.
Sound System
Attorney's Fees (Limited to 55,000 unless
related to lawsuits resul-
tina from race activities)
Accounting Fees
Enaineerinc Fees
Surveyor's Fees
Aerial Photos
Taxes
Cor.-:rissions (sponsors,, ticket sales)
Guest Appearances
Fees for Bayfror,t Auditorium, -•
Deaart ent of Off-Stre=t Parking
ConrmUni cati ons System • • �:..
Trailer Rentals '...�
Printing -
Flags &Decorations
Tract: Preparati on , Signs, etc.
Ambulances, Paramedics, Doctor, Nurses
Race Workers
Race Purse, Prizes
All expenditures must be directly race -related or they will be disallowed:- -
All deductible operating expenses must be approved as a part of the
budget by the City tanager.
• FXHIBIT 'T's
Year . of Net Dro f i t t0 C1 ty
1 through 5 From S-0- to S1,000,000 10, of net profit
From $1,000,000 to S1,500,000 12.6% of net profit
From $1,500,000 IE% of net profit
6 Frw,. S-0- to S1 ,000,000 12" of net profi
From 'D"1,000,000 to $1,500,000 14.ES of net profit
From $1,500,000 17% of net profit
7 From S-0- to S1,000,000 14" of net profit
From 51,000,000 to S1,500,000 16.55 of net profit
From 51,500,000 19% or net profit
g From S-0- to $1,000,000 16 of net profit
From S1,000,000 to S1,500,000 18.5` of net rro iit
Frm. S1,50C,000 21`: of net profit
g From S-0- to S1,000.000 187: of net profit
From S1,000,000 to $1,500,000 20.5% of net profit
From $1,500,000 23A of net profit
30 From
$-0- to $1,000,000
20S
of net profit•
From
$1,000,000 to $1,500,000
22.5`:
of net profit
From
$1,500,000
25`0
of net profit
11 throuch 15 Frosn
$-0- to S1,000,0D0
20'S of
net Profit
From,
$1,000,000 to $1,500,000
22.55:J'
of net profit
From
$1,500,000
2S'; of
net profit