HomeMy WebLinkAboutExhibitNon -Binding. Subject to Contract
EXHIBIT A — SUMMARY OF HOSTING TERMS
A. WHEREAS, Formula One World Championship Limited ("F1") has the exclusive commercial
rights to the FIA Formula One World Championship ("Championship"), including the exclusive
right to propose the Championship calendar and to award to promoters the right to stage Formula 1
events that count towards the Championship subject to the approval of the Federation Internationale
de 1'Automobile ("FIA") the governing body of world motor sport which regulates the
Championship; and
B. WHEREAS, F 1 is in the process of appointing a company affiliated with Stephen M. Ross to be the
potential promoter ("Promoter", and collectively with F1, the "Event Parties") of a proposed
Formula 1 Miami Grand Prix (the "Event"), which Event would take place within the City of Miami's
("City") city limits ("City Limits"); and
C. WHEREAS, City and the Event Parties desire to enter into an agreement (the "Host City
Agreement") in connection with the hosting of the Event, such Host City Agreement to encompass
and memorialize, among other things, the following summary of hosting terms:
A. EVENT PARTIES' OBLIGATIONS:
i. Promoter to stage, deliver and promote the Event within the City Limits each year
during the term of the Host City Agreement, which is anticipated to be ten (10)
years, beginning in 2019;
ii. F 1 to nominate the Event to the FIA for inclusion on the Championship calendar,
with a mutually agreed-upon date in October 2019 to be nominated by F 1 as the
date for the inaugural Event;
iii. To refer to the Event as the "Formula 1 Miami Grand Prix" in media and
promotional materials and to include significant television -visible trackside
branding promoting the City of Miami;
iv. To ensure that the Event is broadcast live, both domestically and internationally,
with frequent aerial shots of the downtown Miami metropolitan area and periodic
references to "Miami" as the location of the Event during such broadcasts;
v. To host a fan festival each year, during the term and within the City Limits, to
promote and publicize the Event; and
vi. To provide meaningful internship and vocational opportunities to local students in
connection with each Event.
B. CITY OBLIGATIONS
i. To host the Event in the City Limits and to consent to the use of City owned lands
for the proposed Event circuit for use as a motor racing track and Event space; To
provide the consents, approvals, permits and entitlements (collectively,
"Consents") necessary to host and allow the Promoter to stage each Event;
ii. To facilitate Event Parties' efforts to obtain Consents from other government and
quasi -governmental agencies and entities (e.g., Miami -Dade County, Florida
Department of Transportation, PortMiami, public utilities, etc.) as may be required
in connection with each Event.
iii. To provide value -in-kind services to the Event Parties in connection with each
Event, including:
1. Civil works;
2. Police and fire personnel;
3. Support for customs clearances;
4. Permit fee waivers; and
5. Solid waste management services.