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Lamar Transit LLC 12/18/2020 Amendment 3
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Lamar Transit LLC 12/18/2020 Amendment 3
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Last modified
1/4/2021 12:47:26 PM
Creation date
1/4/2021 12:47:22 PM
Metadata
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Contracts
Contractor's Name
Lamar Transit LLC
Approval Date
12/18/2020
Council Approval Date
12/16/2020
End Date
6/30/2023
Department
Transportation Services
Department Project Manager
Tom Hingson
Subject / Project Title
Transit Advertising Agreement
Amendment/Change Order
Amendment
Amendment/Change Order Number
3
Tracking Number
0002361
Total Compensation
$0.00
Contract Type
Agreement
Contract Subtype
Professional Services
Retention Period
6 Years Then Destroy
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B. For the time period from July 1, 2021 to June 30, 2022, Contractor <br /> hereby agrees to pay to Everett Transit a non-refundable payment of <br /> $71,250, which is due July 30, 2021. In addition to the non-refundable <br /> payment, Contractor will pay Everett Transit fifty-five percent (55%) <br /> of all net revenue for time period that exceeds $129,545. For <br /> example, if the net revenue during July 1, 2021 to June 30, 2022 is <br /> $200,000, then the City would receive an additional $38,750, which <br /> is equal to ($200,000-$129,545) X 55%. Contractor will make this <br /> additional payment no later than July 20, 2022. <br /> C. For the time period from July 1, 2022 to June 30, 2023, Contractor <br /> hereby agrees to pay to Everett Transit a non-refundable payment of <br /> $95,000, which is due July 30, 2022. In addition to the non-refundable <br /> payment, Contractor will pay Everett Transit fifty-five percent (55%) <br /> of all net revenue during such time period that exceeds $172,727. <br /> For example, if the net revenue during July 1, 2022 to June 30, 2023 is <br /> $200,000, then the City would receive an additional $15,000, which <br /> is equal to ($200,000-$172,727) X 55%. Contractor will make this <br /> additional payment no later than July 20, 2023. Contractor's <br /> obligation to make such final payment survives expiration of this <br /> Agreement. <br /> Net revenue is defined as the gross sales less any recognized advertising <br /> agency commission. Within twenty (20) days after the end of each <br /> calendar month, CONTRACTOR shall send to Everett Transit a statement <br /> of the gross billings, calculation of net revenue, and collections for such <br /> month, including a statement of the size and type of display contracted for <br /> by each advertiser and other information as may reasonably be requested <br /> by Everett Transit. <br /> 2. The Agreement is modified so that it expires on June 30, 2023. <br /> 3. All provisions in the Agreement shall remain in effect except as expressly <br /> modified by this Amendment. <br /> CITY OF EVERETT LAMAR TRANSIT,LLC <br /> WASHINGTON <br /> Signature: <br /> By: J ��l_ Typed/Printed ame: 9j etk h-ik& <br /> Cassi ayor Title: �(. ([IN <br /> /2 / 2&C � 11-1t (1-° <br /> Date Date <br /> 2 <br /> 1 7rl t � <br /> l <br />
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