Board of Directors Regular Meeting Agenda


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Meeting Date: 10/24/2018  

SUBJECT MATTER:
Receive, consider and act upon a Naming Rights /Sponsorship Agreement for the Tri The Woodlands event;
FISCAL IMPACT:
The Naming Rights/Sponsorship Agreeement provides the Township $35,000 per year for three years and in-kind services of volunteers and marketing assistance. 
BACKGROUND:
One of the Township's signature race events is the triathlon held annually for the past fifteen years at Northshore Park and Lake Woodlands.  Since the inception, CB&I has been the title sponsor holding the naming rights and sponsorship title. CB&I recently merged with McDermott, left the community and gave notice they would not be interested in continuing the title sponsorship. 

The title sponsorship is very important to the success of the race for branding/marketing, for the financial viability of the race and  contribution to the Township's Recreation Division's goal of 100% cost recovery. 

In January 2010, the Board of Directors approved  the Naming Rights and Exclusivity Policy which prescribes a process of solicitation and terms for Naming Rights and Exclusivity Sponsorships of events (Attachment A).  
  
In keeping with the policy, a  Request for Proposals (RFP) for both the Tri The Woodlands and Muddy Trails was posted on The Woodlands Township website on July 9, 2018 and sent to potential sponsors and  to companies that have been sponsors for events.  The RFP was advertised in The Villager on July 10, 2018, and proposals were due August 3.  Follow up e-mails were made to potential sponsors during the solicitation period; however no proposals were submitted.
 
After the proposal deadline, staff initiated meetings with two local companies who based on previous sponsorships, may have interest in an event sponsorship. Woodforest Bank expressed interest in a 3 year, $35,000 per year sponsorship. Pursuant to Section 2 (M)(iv) of the Park Rules (Order 019-09, “The President or his designee shall be authorized to solicit sponsorships, donations and in-kind services that contribute to the quality and financial performance of Township Parks, facilities, programs and Special Events. Typically, sponsorships would be approved by the President / General Manager per Order 019-09 when they are considered in the best interest of the Woodlands Township. However, as this is a multi year sponsorship agreement with additional option periods, Township Board approval is requested.  A Naming Rights/Sponsorship Agreement has been prepared (Attachment B). 

 
RECOMMENDATION:
Approve the Naming Rights / Sponsorship Agreement with Woodforest National Bank as presented.
Attachments
Attachment A - Naming Rights Policy
Attachment B - Woodforest Bank Naming Rights Agreement


    

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