Res 2011-002 - Laserfiche WebLink

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Simon agrees to contribute up to $65,000 for expenses incurred by Simon in executing the Program, a sum that matches the funds provided by the City. In the event that Premium expends funds in excess of its match either to promote San Marcos Premium Outlets promote retail business or tourism in the City, the City will not be obligated to contribute any additional funds, and correspondingly Simon would have no obligation to gain pre - approval by the City for those particular marketing endeavors. 3. Contribution of Funds by City. The City agrees to contribute to the Program up to the sum of $65,000.00 The City will use these amounts to reimburse Simon for the City's share, which is 50% of the amount of the marketing costs incurred by Simon for the Program. The City will make these payments within 30 days from receipt of an invoice submitted with copies of the placed marketing initiatives. Reimbursement will be made only for marketing efforts that are exclusively targeted to the San Marcos Premium Outlets ® . The City will hold the balance of unused funds in a liability account of the City for the purpose of making payments to Simon under this Agreement until September 30, 2011, when any unspent funds will revert to the City's hotel occupancy tax fund balance. In no event will the total of contributions by the City under this Agreement exceed a total of $65,000.00. 4. Marketing Strategy execution; Program Costs; Payments. A. Simon will pay for all marketing initiatives placed under this Agreement, and Simon will provide the City with proof of marketing initiatives and detailed copies of invoices associated with the marketing initiatives. 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 Simon; otherwise, its consent is deemed given. 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 Simon for services provided by any of its officers, agents or employees for any services it provides in connection with the marketing expenses incurred under this Agreement. When placing buys, all discounts, rebates, or added value shall be re- invested into the Program. 5. Reports. A. Simon shall provide the City with reports related to the Program containing the following information, within 45 days after completion of each marketing initiative paid for in whole or in part with funds under this Agreement: 1. An analysis of funds expended under this Agreement Page 2 of 5