Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve Contract Extension with MIDFLORIDA Credit Union for Naming Rights of MIDFLORIDA Event Center.
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Submitted By: Linda McCarthy, Executive Director, Business Development, MIDFLORIDA Event Center.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Linda McCarthy, Executive Director of Business Development.
2. Parties: City of Port St. Lucie and MIDFLORIDA Credit Union.
3. Purpose: Extend the term of naming rights contract with MIDFLORIDA Credit Union.
4. New/Renewal/Modified: Renewal.
5. Duration: Five (5) year extension through December 31, 2029.
6. Benefits to Port St. Lucie: Revenue generating - $975,000.
7. Cost to Port St. Lucie (Annual and Potential): N/A
Presentation Information: Staff available to answer any questions.
Staff Recommendation: Move that the Council approve naming rights contract extension with MIDFLORIDA Credit Union.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve naming rights contract extension with MIDFLORIDA Credit Union.
2. Move that the Council not approve naming rights contract extension with MIDFLORIDA Credit Union and provide staff with direction.
Background: On December 10, 2019, the City of Port St. Lucie and MIDFLORIDA Credit Union entered into a venue naming rights agreement to give MIDFLORIDA Credit Union exclusive naming rights and ancillary benefits at the City’s event center located at 9221 SE Event Center Place in Port St. Lucie, Florida.
Issues/Analysis: Recurring revenue to MIDFLORIDA Event Center operating budget.
Financial Information: Revenue generating to City - $975,000.
Special Consideration: N/A
Location of Project: 9911 SE Event Center Place
Attachments: Initial contract and extension amendment
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: 9046
Legal Sufficiency Review:
Reviewed by James D. Stokes, City Attorney. Approved as to Legal form and sufficiency by James D. Stokes, City Attorney.