DATE: September 12, 2018
SUBJECT:
Title
RESOLUTION AUTHORIZING AN ASSIGNMENT AND ASSUMPTION OF THE SPONSORSHIP AGREEMENT WITH EXTREME SAN DIEGO, LLC TO EXTREME SAILING SAN DIEGO, LLC FOR THE OCTOBER 2018 EXTREME SAILING SERIES, CLERK'S DOCUMENT NO. 68444, AND ADOPTED BY RESOLUTION 2018-064
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EXECUTIVE SUMMARY:
On April 10, 2018, the Board of Port Commissioners approved a District sponsorship agreement that provides $150,000 in funding and up to $75,000 in waived fees to Extreme San Diego, LLC to support of an Extreme Sailing Series event scheduled for October 18-21, 2018 on San Diego Bay at Harbor Island, in return for financial and promotional considerations (Sponsorship Agreement). In the time between April 10, 2018 and the present, the principals of Extreme San Diego, LLC (ESD) - Doug Augustine and Matt Reynolds - have established a new entity, Extreme Sailing San Diego, LLC (ESSD) and have requested that those obligations assigned to ESD under the 2018 Sponsorship Agreement between the District and ESD be assumed by ESSD. An Assignment and Assumption of Sponsorship Agreement, signed by Matt Reynolds as the principal of both ESD and ESSD, is included as Attachment A.
RECOMMENDATION:
Recommendation
Adopt a resolution authorizing the assignment and assumption of the Sponsorship Agreement with Extreme San Diego, LLC by Extreme Sailing San Diego, LLC for the October 2018 Extreme Sailing Series event on San Diego Bay.
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FISCAL IMPACT:[h1]
This agenda item has no fiscal impact.
COMPASS STRATEGIC GOALS:[h2]
An Extreme Sailing Series event on San Diego Bay that uses Harbor Island for spectator viewing and event-related attractions will activate this area of the District tidelands with several thousand visitors who will experience San Diego Bay and the waterfront, contribute to the social media following of the District and its activities, and generate revenue to the District and its tenants. This agenda item therefore supports the following Strate...
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