Res 2017-060/approving an advertising program agreement for a joint advertising program between the City and Tanger Properties Limited Partnership in an amount up to $150,000.00 per year over five years

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} 2. Contribution of Funds by Tanger. Tanger agrees to contribute up to $150,000 per year for advertising expenses incurred for the applicable year's Program, a sum that matches the funds provided by the City. In the event that Tanger expends funds in excess of its match either to advertise the Tanger Outlet Center, or promote retail business or tourism in the City, the City will not be obligated to contribute any additional funds,and correspondingly Tanger would have no obligation to gain pre- approval by the City for those particular advertising endeavors. 3. Contribution of Funds by City. 1' The City agrees to contribute to the applicable year's Program up to the sum of$150,000 per year. The City will use these amounts to reimburse Tanger for the City's share, which is 50 percent of the amount of the advertising costs incurred each year by Tanger for the Program.The 4 City will make these payments within 30 days from receipt of an invoice submitted with copies t of the placed advertising. In no event will the total of contributions by the City under this Agreement exceed a total of$150,000 per year. 4. Advertising Placement;Program Costs; Payments. A. Tanger will pay for all advertising placed under this Agreement, and Tanger will ii provide the City with proof of the advertising and detailed copies of invoices associated with the advertising. B. The City shall have the right to review and approve expenses in advance related to the Program to include, but not limited to, placement fees, agency fees, design and production fees, in order to ensure the best possible rates can be obtained for the Program. The City shall have 48 hours to respond, after notification by Tanga; otherwise, its consent is deemed approved. Objections to expenses must be made in writing, in advance of placement.No party at any time shall unreasonably withhold its approval. C. The City's contributions to the Program made pursuant to the Agreement shall not be used to reimburse Tanger for services provided by any of its officers, agents or employees for any services it provides in connection with the,advertising expenses incurred under this Agreement. When placing media buys, all discounts, rebates, or added value shall be re-invested into the Program. 5. Reports. A. Tanger shall, annually,provide the City with reports related to the Program containing the following information,within 45 days after completion of each advertising campaign paid for i^ in whole or in part with funds under this Agreement: 1.An analysis of funds expended under this Agreement; . I i Page2 of4 {