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CITY OF SUNNY ISLES BEACH AND OSS POWERBOAT RACING AGREEMENT CONTRACT NO: C0708-028 :filHIS AGREEMENT (Agreement) is entered into this L3-- day of fJ. '{t( L , 2008, by and between the City of Sunny Isles Beach, a municipal corporation of the state of Florida ("the City") and the Offshore Super Series Powerboat Racing Association ("OSS"), a corporation duly formed and existing under the Not for Profit Corporation Laws of the State of New York. RECIT ALS WHEREAS, OSS has as its purpose servicing and promoting the sport of Offshore Powerboat Racing and the individuals, firms, 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 OSS; and WHEREAS, OSS and the City are desirous of entering into a mutually beneficial agreement whereby OSS' members, boats and crews shall participate in the race. NOW THEREFORE, in consideration of the mutual covenants contained herein the parties agree as follows: 1. Payment: The City agrees to pay to OSS an amount not to exceed $125,000 (One Hundred and Twenty Five Thousand Dollars) for the powerboat race scheduled for Saturday, June 21,2008, through Sunday, June 22, 2008 ("Race"). (a) City's Responsibilities: The City's responsibilities for this Agreement shall be limited to an amount not to exceed $125,000 (One Hundred and Twenty Five Thousand Dollars). The City's costs in the amount of $125,000 includes all police, safety, rescue and all other City services that may be required for the safe operation of the Race. Included within the $125,000 paid to OSS are the following specific costs: (1) $30,000 (Thirty Thousand Dollars) in association fees; (2) $50,000 (Fifty Thousand Dollars) in cash prize fees; (3) $10,000 (Ten Thousand Dollars) in television fees; (4) $35,000 (Thirty Five Thousand Dollars) in operational costs to produce the Race consistent with customary standards of the City, including all rentals, services, safety and security personnel. 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. In addition to the $125,000 payments referenced above, the City shall be responsible for the following fees/in kind services: (1) the production of six (6) thirty second commercials for purposes of advertising the local race site, and any additional commercial spots at a cost of $1,500 (One Thousand Five Hundred Dollars) per additional commercial; (2) Non-paid advertising for press releases and local advertising; (3) space at event sites by the City, provided C0708-028 ass Powerboat Racing Agreement 1 ~(