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. AGREEMENT BETWEEN THE CITY OF SUNNY ISLES BEACH AND OFFSHORE EVENTS FOR POWERBOAT RACE CONTRACT NO. CIOII-030 TillS AGREEMENT (Agreement) is entered into this 6" /t.- day of M ~......... , 2011, by and between the City of Sunny Isles Beach, a municipal corporation of the state of Florida ("the City") and Offshore Events Enterprises, LLC ("Offshore Events") a limited liability company operating and existing under the laws of the State of Florida. RECIT ALS WHEREAS, Offshore Events has as its purpose servicing and promoting the sport of offshore powerboat racing and the individuals, ftrms, corporations and other business entities who participate therein and is an organization formed for the purposes of the promotion, development, organization and operation of powerboat racing events under the name of Offshore Events; and WHEREAS, Offshore Events and the City are desirous of entering into a mutually beneftcial agreement whereby Offshore Events shall produce an offshore powerboat race event. NOW THEREFORE, in consideration of the mutual covenants contained herein the parties agree as follows: 1. Payment: The City agrees to pay to Offshore Events an amount not to exceed $40,000 (Forty Thousand Dollars) for the powerboat race scheduled for Friday, June 17, 2011, through Sunday, June 19,2011 (hereinafter referred to as "Race" or "Event"). (a) City's Responsibilities: The City's responsibilities for this Agreement shall be limited to an amount not to exceed $40,000 (Forty Thousand Dollars). All City costs associated with police, safety, rescue and all other City services, including regular pay, overtime pay, etc. shall be provided in-kind by the City. The City's Public Works Department will provide assistance for areas within the City of Sunny Isles Beach. In addition to the $40,000 costs referenced above, the City shall provide the following fees and/or costs: (1) Non-paid advertising for press releases and local advertising; and (2) The City will provide in-kind advertising through the City's website, newspaper, and its local cable access channel, as well as through press releases to other news media outlets. The City will also provide advertising through the City's e-mail "eSmI" program and the City's "sunnyislesbeachmiami.com" website. The City will make a good faith effort to obtain additional sponsor recruitment for the Race. However, under no circumstances will the City be fmancially responsible for any inability to secure such additional sponsor recruitment. CIOII-030 OFFSHORE EVENTS Powerboat Racing Agreement SIB Page 1 of 12