November 23rd, 2007
City of Chicago may turn to naming rights to raise funds
The city of Chicago is looking for ways to turn naming rights and sponsorships into cash to help pay its bills.
Octagon Inc. of Norwalk, Conn. has been awarded a $285,000 contract to examine what the city has to offer and, by next spring, produce a marketing plan that will attract corporate sponsors and advertisers.
Under terms of the contract, Octagon will inventory city programs, events, buildings and other physical assets and determine which would be most attractive to companies that might want to affix their names in some way.
The city last year tried on its own to attract a client willing to pay enough to get its name on the Chicago Skyway, but was unsuccessful.