The Administration recommends accepting the Finance and Economic Resiliency Committee recommendation to sponsor the FTX Grand Prix Festival in an amount not to exceed $375,747.00 with a one-year agreement with an option to renew. 

The FTX Grand Prix Festival will take place in May 6-8, 2022 with multiple activations in Lummus Park. The fee waivers and corresponding special event sponsorship are worthy of consideration and approval, as this festival brings international tourism, economic development, and a free event with international exposure, for tourists and residents to attend.

On February 9th, 2022, the Mayor and City Commission requested a referral to Finance and Economic Resiliency Committee (FERC) to discuss the funding of the FTX Grand Prix Festival (the Event) scheduled for May 6 -8, 2022. 

On February 25, 2022, at the Finance and Economic Resiliency Committee (FERC),  the FTX Grand Prix Festival organizers presented the special event sponsorship request for the 2022 festival. The FERC referred the item to the March 9, 2022, Mayor and Commission meeting with a favorable recommendation of the special event sponsorship in an amount not to exceed $375,747.00.

The Event will be a unique cultural festival with a hub of activities and experiences exclusively provided by FTX, the Mercedes-AMG Petronas F1 Team and their partners, including other exclusive brands and celebrities. Local event producer Funkshion and entertainment agency Wasserman have partnered to produce the 2022 event. 

About Funkshion and Wasserman

Funkshion Productions LLC is an international event management, productions and logistics company that creates unique brand experiences in the world of fashion.  Funkshion Productions LLC has produced some of the biggest fashion events in Miami such as events for Louis Vuitton, Rolls Royce, BMW, Pepsi, Netflix, Amazon, Bally, YSL, Vogue, Omega, Chopard, Missoni, Versace, Lanvin, Chloe and Victoria’s Secret. Received 5 Proclamations from the City of Miami Beach and Key to the City of Miami Beach as well as Beacon Council Creative Award and two Fashion Group International Awards.

Wasseman, the 2^nd most valuable sports and entertainment agency (Forbes), is a culture-centric agency, serving the best athletes, artists, brands and properties in the world. Wasserman is an agency not just of advisors, but creators, developers, influencers and innovators who work across music, art, entertainment, social, tech, content and beyond.

The Event will provide diverse audiences from race enthusiast, music fans, art lovers, fashionistas and foodies free activations in Lummus Park. The FTX Grand Prix Festival will not only entertain the masses but is committed to making a positive impact to the local community.

City Sponsorship Request:

•Multi-year agreement for exclusive use of Ocean Drive and Lummus Park from 1^st to 15^th Street inclusive of the beach front.

•Providing a clean zone ordinance during the event of Ocean Drive from 1^st to 15^th Street inclusive of beach front.

•Waiver of special event and city services fees including fire, police, and square footage fees.

•Closure of Ocean Drive from 5^th to 15^th street for the duration of the   car parade.

Community Benefits:

The Event is committed to creating a community event that will create a positive impact to the City of Miami Beach. The contributions include but are not limited to:

·         Opening the event free to the public during the day to allow for inclusivity

·         Dedicating a branded space within the Event for the City of Miami Beach

·         Engaging with local public schools to invite them to the event

·         Donating funds and computers to the Sabrina Cohen Foundation

·         Providing access to audience data captured at the festival.

• Additional community benefits are being negotiated and will be stipulated in the final agreement. 

Programming:

Friday May 6 – 12PM to 6 PM

All day free programming featuring experiences across music, art, fashion, food and gaming.

Friday May 6 – 8 PM to 12 AM

Ticketed fashion show and music concert with internationally known fashion designer and music headliner including VIP hospitality packages for select guests and celebrities.

Saturday May 7 – 12 PM to 6 PM

All day free programming featuring experiences across music, art, fashion, food and gaming.  Special appearances by select athletes and partner ambassadors throughout the day.

Saturday May 7 – 8 PM to 12 AM

Ticketed music concert with internationally known headliner including VIP hospitality packages for select guests and celebrities.

Sunday May 8 – 12 PM to 6 PM

All day free programming featuring experiences across music, art, fashion, food and gaming.  Special appearances by select athletes and partner ambassadors throughout the day.

Safe, Sustainable and Secure

As a demonstration of Wasserman’s commitment to operational excellence, they are one of the few agencies to maintain seven ISO Accreditations across a range of mission critical areas including:

·         ISO14001 – Environmental Management

·         ISO9001 – Quality Management

·         ISO27001 – Information Security Management

·         OHSAS18001 – Health & Safety Management

·         ISO20121 – Event Sustainability Management

·         ISO22301 – Business Continuity Management

·         ISO30415 – Human Resource Management, Diversity & Inclusion

These business operations criteria have been procured and maintained by Wasserman to provide assurances to their partners and global organizations with the confidence that they are working with a trusted partner.

At the January 20, 2022, City Commission meeting, the FTX Grand Prix Festival producers presented to their event sponsorship request to include financial support and fee waivers. 

To identify the level of sponsorship FTX Grand Prix Festival is requesting, below are estimated costs in City services for the 2022 FTX Grand Prix Festival:

Fire/Police/EMT $229,590  (MB Fire $39,000, MB Police $190,590)

Meters $5,572

Total $235,162.00

In addition, FTX Grand Prix Festival is requesting waived fees as follows:

• Special Event application and permit fees $799
• Vehicle beach access pass fees $6,440
• Square footage fees (including sales tax) $106,777
• Lummus Park user fees (25% of city services) $1,393
• Police Department off-duty administrative fee $25,176
• Total $140,585.00

Accordingly, FTX Grand Prix combined 2022 sponsorship request would equal approximately $375,747.00

On February 25, 2022, the Finance and Economic Resiliency Committee recommended approval of the following special event sponsorship request from the FTX Grand Prix Festival, in an amount not to exceed $375,747.00 with a one-year agreement with an option to renew. 

The FTX Grand Prix Festival will take place in May 6-8, 2022, with multiple activations in Lummus Park. The fee waivers and corresponding special event sponsorship are worthy of consideration and approval, as this festival brings international tourism, economic development, and a free event with international exposure, for tourists and residents to attend.