Laserfiche WebLink
<br />1 <br /> <br />AMENDMENT NO. 5 <br />TRANSIT ADVERTISING AGREEMENT <br />BETWEEN THE CITY OF EVERETT <br />AND LAMAR TRANSIT, LLC <br /> <br /> This Amendment No. 5 is dated for reference purposes June 30, 2024. It is by and <br />between the City of Everett, a municipal corporation under the laws of the State of <br />Washington (“City”) and Lamar Transit, LLC (“Contractor”). <br /> <br />RECITALS <br /> <br /> A. The City and Clear Channel, Inc. were parties to the Transit Advertising <br />Agreement dated August 1, 2013. Contractor is successor-in-interest to Clear Channel Inc. <br />pursuant to the assignment dated February 22, 2016, executed by the parties. The Transit <br />Advertising Agreement has been amended by Amendment No. 1 dated April 12, 2018; <br />Amendment No. 2 dated June 30, 2020; Amendment No. 3 dated December 31, 2020, and <br />Amendment No. 4 dated as of June 30, 2023 (as amended, the “Agreement”). <br /> <br /> B. The parties have agreed to extend the Agreement so that it expires on <br />December 31, 2024, and to make certain other amendments. The City is preparing to issue <br />later this year a Request for Proposals for a new transit advertising contract, with that new <br />contract planned to go into effect January 1, 2025. <br /> <br />AGREEMENT <br /> <br />The City and Contractor agree as follows: <br /> <br />1. Section 3 of the Agreement is amended to add the following for July 1, 2024, to <br />December 31, 2024: <br /> <br />Payment. <br /> <br />For the time period from July 1, 2024 to December 31, 2024, <br />CONTRACTOR hereby agrees to pay to Everett Transit a non-refundable <br />payment of $35,625, which is due July 30, 2024. In addition to the non- <br />refundable payment, Contractor will pay Everett Transit fifty-five percent <br />(55%) of all net revenue during such time period that exceeds $64,772.50. <br />For example, if the net revenue during July 1, 2024 to December 31, 2024 <br />is $100,000, then the City would receive an additional $19,375, which is <br />equal to ($100,000-$64,772.73) X 55%. CONTRACTOR will make this <br />additional payment no later than January 31, 2025. CONTRACTOR’S <br />obligation to make such final payment survives expiration of this <br />Agreement. <br /> <br /> <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 calendar <br />month, CONTRACTOR shall send to Everett Transit a statement of the