What key terms mean for city sponsorships

For the purposes of this article, the following definitions apply unless the context clearly indicates or requires a different meaning. Cash Sponsorship. A type of sponsorship where a sponsor provides cash. City Asset. A city facility, park, program, equipment, or real or personal property. Equipment. Any vehicle, construction equipment, machine, device, gear, apparatus, tool, or multiple pieces of equipment with a value in excess of $25,000 used in the operation of the city but does not include city-operated buses or special transit service vehicles. Facility. Any building, including any stadium; arena; station; or any portion of any building, including any stadium, arena, or station, owned, managed, or operated by the city. Financial Contribution. Cash, goods, or services paid or provided to the city at such time or times as set forth in the sponsorship agreement. In-Kind Sponsorship. A type of sponsorship where a sponsor provides a good or service. Person. Has the same meaning as defined in § 1-4.1 . Program. Any program activity, festival, contest, event, fair, athletic race, gala, or similar event provided by a city department in connection with the operations of a department. Sponsor. A person that enters into a sponsorship agreement with the city. Sponsorship. A mutually beneficial arrangement between the city and a person, wherein the person provides a financial contribution to the city in return for sponsorship recognition on or in connection with one or more city assets, for a specified period of time. Sponsorship Agreement. A written agreement executed between the city and a sponsor governing a sponsorship, on terms and conditions acceptable to the city and the sponsor. A sponsorship agreement may include provisions that allow for sponsorship recognition. Sponsorship agreements will not be deemed to be private grant agreements, as that term is defined in § 1-8.1, and are not subject to the requirements related to private grant agreements in Chapter 1, Article 8 . Sponsorship Recognition. The issuance of a tangible acknowledgement and expression of gratitude or the granting of naming rights for facilities as part of a sponsorship agreement.