CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Denis Cederburg, Director of Public Works |
Recommendation:
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Approve and authorize the Chair to sign the First Amendment to the Licensure Agreement Between Clark County & Showcase Phase 3 For Advertising On Touchdown Structure among Clark County and Showcase 1415 LLC, Showcase Cosmo LLC, EC 2537 Realty LLC, Showcase Investors 3 LLC, and Las Vegas 3 LLC to allow advertising on a digital LED display on the exterior of the elevator tower for the pedestrian bridges located at the northeast corner of Las Vegas Boulevard and Park Avenue/MGM Drive, and extend the term of the agreement to December 31, 2045. (For possible action)
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FISCAL IMPACT:
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BACKGROUND:
On April 5, 2022, the Board of County Commissioners approved the "Licensure Agreement Between Clark County & Showcase Phase 3 For Advertising on Touchdown Structure" for a five-year term with Showcase 1415 LLC, Showcase Cosmo LLC, EC 2537 Realty LLC, Showcase Investors 3 LLC and Las Vegas 3 LLC, which own property on the northeast and southeast corners of Las Vegas Boulevard and Park Avenue/MGM Drive adjacent to the touchdown structure for the pedestrian bridge crossing Las Vegas Boulevard at Park Avenue/MGM Drive.
This first amendment to the agreement will allow for a digital LED display on the touchdown structure and establish the monthly fee for the rights to place advertising on the LED display. The current annual fee paid for the touchdown structure is $38,793. The new annual fee for the LED display will start at $141,050 or 20% of the monthly gross revenue, whichever is greater. The fee will then increase by 2% annually. The term of the agreement is extended to December 31, 2045. The first amendment has been approved by Clark County Public Works staff and the District Attorney's Office.