THE AVIATION DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This action approves the First Amendment to the Billboard License Agreement between Outfront Media, LLC ("Outfront") and Broward County to modify the compensation to the County, to upgrade equipment and to extend the term of the agreement.
On April 22, 2014 (Item No. 2), the Board approved a Billboard License Agreement ("License") allowing CBS Outdoor, LLC to operate and maintain an advertising billboard on the west side of FLL for a five-year term ending on April 30, 2019.
The current Minimum Annual Guarantee ("MAG") for this License is $35,469. As part of the negotiations for the proposed First Amendment, Outfront agreed to pay the greater of 25% of annual gross revenues or an increased MAG of $80,000. The MAG will continue to increase annually by the greater of 3% or Consumer Price Index ("CPI"). In addition, the First Amendment also allows Outfront to upgrade the southern panel of the billboard to a digital panel and extends the term of the License from April 30, 2019 until April 30, 2028.
The proposed First Amendment has been reviewed as to form by the Office of the County Attorney and the Risk Management Division.
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