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Subcommittee forwards SFMTA’s Titan Outdoor advertising contract to full Board after scrutiny over letters of credit and naming rights
Summary
The Budget & Finance Subcommittee voted to forward a resolution authorizing SFMTA to award a five‑year transit‑advertising contract to Titan Outdoor (07/01/2009–06/30/2014) that carries a $22.1M minimum guarantee; members pressed MTA on security (a $4M prepayment and an October letter of credit) and asked for changes requiring Board approval for any naming‑rights deals.
The Budget & Finance Subcommittee on June 10 advanced a resolution that would authorize the San Francisco Municipal Transportation Agency to enter a five‑year transit‑advertising contract with Titan Outdoor that carries a $22,102,525 minimum guarantee over the contract term. Chair John Avalos opened the discussion after Clerk read the item and MTA representatives described the negotiated deal.
MTA staff said the contract was negotiated in a difficult advertising market and now includes a $4,000,000 prepayment for the first year and language requiring Titan to provide a letter of credit (LC) by October 1 to cover the first‑year minimum guarantee. “We feel comfortable that we’ve negotiated the best contract we can, given the current environment,” MTA representative Judson True said during his presentation.
Budget analy…
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