File #: 24-1605   
Status: Passed
File created: 11/20/2024 In control: Clark County Board of Commissioners
On agenda: 12/3/2024 Final action: 12/3/2024
Title: Approve and ratify the First Amendment to the licensure agreement for advertising between Clark County and Las Vegas Grand Prix, Inc. to allow advertising within the County's right-of-way as part of the Formula 1 Las Vegas Grand Prix special event. (For possible action)
Attachments: 1. Staff Report, 2. F1 Amendment, 3. Clark County - Disclosure Form 2024

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Kevin Schiller, County Manager

Recommendation: 

title

Approve and ratify the First Amendment to the licensure agreement for advertising between Clark County and Las Vegas Grand Prix, Inc. to allow advertising within the County's right-of-way as part of the Formula 1 Las Vegas Grand Prix special event.  (For possible action)

body

 

 

FISCAL IMPACT:

Fund #:

N/A

Fund Name:

N/A

Fund Center:

N/A

Funded PGM/Grant:

N/A

Amount:

N/A

Description:

N/A

Additional Comments:

N/A

 

BACKGROUND: 

Assembly Bill 426 passed at the 2023 Nevada Legislative Session (NRS 484B.313) which allows advertising on or over any highway before, during or after a special event that has been designated by the public authority with jurisdiction over the highway and has been certified to provide an anticipated economic impact of $250,000,000 or more annually for a period of not more than fourteen (14) consecutive days. On October 17, 2023, the Board entered into a licensure agreement for advertising within the public right-of-way in accordance with NRS 484B.313. The First Amendment amends the advertising fee to an annual fee of $350,000 and requires Las Vegas Grand Prix to provide annual in-kind services as outlined in the community benefits package.  The amendment also revises the termination for convenience clause, authorizing either party to terminate the agreement after the 4th year of the Agreement upon written notice by February 1st.

The First Amendment is presented for your ratification.