SUBJECT/RECOMMENDATION:
Title
Approve a Sponsorship Agreement between the City of Clearwater and Floridacentral Credit Union, a Financial Institution located at 3333 Henderson Blvd, Tampa for sponsorship and other associated rights with respect to The BayCare Sound and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
On March 3, 2022, Council approved the issuance of a purchase order to The Superlative Group, Inc., pursuant to RFP 50-21, Asset Inventory, Valuation and Naming Rights Services for Phase I of professional services to identify sponsorship opportunities following completion of the Imagine Clearwater Project.
On February 2, 2023, Council approved entering Phase II with The Superlative Group, Inc. to develop a strategic sales campaign for the sponsorship and naming rights of approved assets for potential sale to national and regional corporate partners located within Coachman Park.
Since this approval, and within the eighteen months of the agreement, Superlative was successful in obtaining an agreement with BayCare Health Systems for naming rights of The BayCare Sound.
According to Section 7.1 (b) of the agreement, Superlative has the right to enter into any sponsorship agreement up to twelve months past the expiration or termination of the original agreement.
Superlative has continued to work with leads they developed during the initial agreement with restaurants, financial institutions etc. to sponsor the “View” which is the VIP area within The BayCare Sound and is recommending a sponsorship with Floridacentral Credit Union FCCU. The Superlative Group Inc. will receive 15% commission.
Staff is recommending the sponsorship agreement between the city and FCCU to name the “View” the “Floridacentral Credit Union View”. The term of the agreement is for seven years. Key components of the agreement are as follows:
As to the City compensation as follows:
|
Contract Year |
Rights Fee |
|
Contract Year 1 (Installment 1) |
$35,000.00 |
|
Contract Year 1 (Installment 2) |
$35,000.00 |
|
Contract Year 2 |
$72,100.00 |
|
Contract Year 3 |
$74,263.00 |
|
Contract Year 4 |
$76,490.89 |
|
Contract Year 5 |
$78,785.62 |
|
Contract Year 6 |
$81,149.19 |
|
Contract Year 7 |
$83,583.66 |
|
Total |
$536,372.36 |
FCCU will receive the following entitlements:
• Exclusive name of the View, to be known as the “Floridacentral Credit Union View”
• The City will organize a press release, with the contents of the press release to be mutually agreed upon by the Parties.
• Sponsor ID on main entrance identity signage/façade of the View
• Sponsor ID on signage in certain locations within the View
• Sponsor ID on on-premise wayfinding signage in certain locations for the View
• Sponsor recognition on City and BayCare Sound websites, with the contents, form, and location of the recognition to be mutually agreed upon by the Parties.
• Sponsor recognition on Imagine Clearwater emails, with the contents, form, frequency, and location of the recognition to be mutually agreed upon by the Parties.
• Sponsor to be included in 12 City social media posts per Contract Year. The timing, contents, and form of the social media posts to be mutually agreed upon by the Parties.
• Use of the View up to one time per Contract Year
• Sponsor to receive four View tickets to the 4th of July Fireworks per Contract Year subject to City’s ability to distribute View tickets for the event.
• Sponsor to receive four tickets to the Seafood and Blues Festival per Contract Year
• Sponsor ID on tickets for the View, with location and size of inclusion to be mutually agreed upon by the Parties.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
STRATEGIC PRIORITY:
Adopting Floridacentral Credit Union (FCCU) as a sponsorship partner renaming the “View”, which is the VIP area within the BayCare Sound to the “Floridacentral Credit Union View” aligns with the following City of Clearwater Strategic Plan Objectives:
• 2.1: Strengthen public-private initiatives that attract, develop, and retain diversified business sectors;
• 2.2: Cultivate a business climate that welcomes entrepreneurship, inspires local investment, supports Eco-friendly enterprises, and encourages high-quality job growth;
• 2.3: Promote Clearwater as a premier destination for entertainment, cultural experiences, tourism, and national sporting events; and
• 2.5: Facilitate partnerships with educational and research institutions to strengthen workforce development opportunities.
