From
Megan Mahan, Assistant City Attorney
Title
Contract with PlayGrand Adventures non-profit Corporation to allow Corporation to offer City assets to potential sponsors as part of sponsorship packages to aid in Corporation fundraising for PlayGrand Adventures Playground; Contract has a five-year term with the option to renew for three additional five-year terms
Presenter
Megan Mahan, Assistant City Attorney
Recommended Action
Approve
Analysis
As part of the fundraising efforts for the PlayGrand Adventures Playground, City staff created a non-profit corporation called PlayGrand Adventures Corporation. This corporation will be the entity governing the sponsorship and donations to the PlayGrand Adventures Playground. The Parks, Arts and Recreation Department has created sponsorship packages so that companies can receive certain benefits when making pledges of money toward the Playground. This contract allows the Corporation to utilize the City owned assets (tickets to City events, etc.) in order to entice potential Sponsors into pledging funds to the playground, and the contract governs the terms in which the money will be later devised to the City.
Certain sponsorships and/or donations will be specific to a project phase, pod or piece of equipment, and some will be general grants of money to the Playground; this delegation of funds will be based on a separate agreement between the Corporation and the Donor/Sponsor. Once the Playground begins the construction phase, and as certain pods and/or equipment are being constructed, Corporation will transfer the money raised through donations or sponsorship to the City to be utilized in the creation of those specific pods or equipment. As part of this Agreement, the City reserves the right to reject any sponsorship if the City determines that the sponsorship is not in the best interest of the City.
Financial Consideration
Staff anticipates between $500,000 and $1,000,000 to be raised through sponsorship and...
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