HomeMy WebLinkAbout1st Amendment 07/16/2025 GVS COURTq°
o: A Kevin Madok, CPA
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�o ........ � Clerk of the Circuit Court& Comptroller Monroe County, Florida
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DATE: August 5, 2025
TO: Ammie Machan, Administrative Assistant
Tourist Development Council
FROM: Liz Yongue, Deputy Clerk
SUBJECT: July 16, 2025 BOCC Meeting
The following item has been executed and added to the record:
D21 1 st Amendment to Agreement with Tourism Economics, LLC to add lodging
forecast reporting.
Should you have any questions please feel free to contact me at(305) 292-3550.
cc: County Attorney
Finance
File
KEY WEST MARATHON PLANTATION KEY
500 Whitehead Street 3117 Overseas Highway 88770 Overseas Highway
Key West, Florida 33040 Marathon, Florida 33050 Plantation Key, Florida 33070
AMENDMENT Ost AMENDMENT) TO AGREEMENT
THIS AMENDMENT to Agreement dated this 16th day of July 2025, is entered into by
and between the Board of County Commissioners for Monroe County (County), on behalf of the
Tourist Development Council, and Tourism Economics, LLC (Company).
WHEREAS, there was an Agreement entered into on November 19, 2024 between the parties,
for Company to provide geolocation data for the Tourist Development Council; and
WHEREAS, it has become necessary to revise the Agreement to include forecast reporting;
and
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties
agree to the amend Agreement as follows-
1. Paragraph 1 Cost and term of the Agreement shall be revised to add the following:
Description of lodging forecast
• Forecast of key lodging measures (hotel supply, demand, room revenue, occupancy,
ADR, RevPAR) estimated monthly, quarterly and annually, for the remainder of the
current year and the next two years.
• Delivered as a brief PowerPoint report. Also loaded to online dashboard for
Symphony clients.
• Historical hotel data based on CoStar-STR data as part of Symphony or arranged
separately. No third-party data purchases are anticipated as part of the forecast
budget. Client will be billed at cost for any third-party data required by the forecast,
subject to prior written authorization by Client.
• Market insights and reports provided by the Client can be included in the forecast
process (e.g., group booking pace reports, shifts in major events, timing of
convention center renovations, etc.)
Timeline: The Timing of the first deliverable for the Lodging Forecast shall be submitted
within 90 days of the effective date of the Amendment.
Pricing and Invoicing for lodging forecast: A total of six (6) quarterly updates will be
provided during the term of this agreement. The amount shall be $7,500 for the partial
year of July 16, 2025 to November 19, 2025 and $15,000 for the second year from
November 19, 2025 to November 19, 2026. The total cost of the lodging forecast
updates shall not exceed $22,500. No advance payments will be made. Payment will be
made in accordance with the Local Government Prompt Payment Act, 218.70, Florida
Statutes. Payments due and unpaid under the Agreement shall bear interest pursuant to
the Local Government Prompt Payment Act. Company shall submit to County invoices
with supporting documentation that are acceptable to the Monroe County Clerk and
Comptroller (Clerk). Acceptability to the Clerk is based on generally accepted
accounting principles and such laws, rules and regulations as may govern the Clerk's
disbursal of funds.
2. The remaining provisions of the agreement dated November 19, 2024 shall remain in
full force and effect.
Amendment#1
Tourism Economics
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, • IN WITNESS WHEREOF,, the parties have set their h•ands and:'seal on the: day and:year first. • :
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MONROE COUNTY ATTORNEY .
APPROVED AS:TO FORM
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• CHRISTINE LIMBERT-BARROWS
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•ourism conomics,•
.LLG SR.ASSISTANT COUNTY ATTORNEY
DATE: '7/29/25 ..
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. : i.:: Date: • . July . 5 .. . i . • ••. Date: July.1, 2025 : : • . . : • -...• : :'..: .: i . ...
Amendment#1 . .
Tourism Economics . • .