Argus Leader reporter Jonathan Ellis wrote a blog about the announcement as well. It will be interesting to watch the naming rights develop over the next year for city's event center. He is right when he speculates that anyone writing a check for naming rights for 20 plus years will probably want to know who is actually going to be in the Event Center besides concerts, tradeshows and conventions. We know the Skyforce won't be playing there.
Superlative completed a Naming Rights & Marketing Analysis Study in June 2011. Now that the voters have passed the event center plan, what are the city's plans to move forward with a contract with Superlative? Will the mayor's administration have monthly or quarterly reports to the city council as the event center construction and the marketing plans moving forward?
Here is what Superlative said is possible in revenue expectations for the Event Center:
- Sponsorship Naming Rights: Valued at $350,00 to $500,000 per year, these rights, based on a 20 year agreement with a 3% fee escalator is estimated to bring in a range of $9.4 million to $13.4 million.
- 5 Premium Sponsorship Packages: These packages are for things like interior signage locations, banking & ATM naming rights, Concourse naming rights, Atrium naming rights, Emergency Exit Naming Rights. These packages would be priced in a range of $50,000 to $175,000 per year. These premium packages is estimated to bring in $6.8 million to $16.8 million over a 20 year agreement.
- 15-18 Suite Sales: Suites would be sold in a range of $25,000 to $37,000 per year. Using a 20 year agreement with a 3% fee escalator, the revenue is projected at $10.7 million if 15 suites were sold for $25,000 each and up to $18.1 million if 18 suites were sold at $37,000 each.
- Additional Sponsorships with local businesses: The idea is to get local businesses to buy sponsorships for things like a Trash Receptacle Program, Concession Partner Program, Food Cart Program, Children's Play Area Program, Business Center Program, First Aid Center Program, etc. No money was estimated for these sponsorships in the report.
There is a lot of money at stake regarding the naming rights and sponsorship process. This marketing process needs to be transparent to the public. The public needs to know the progress on the marketing results of the city's hired consultant and how much revenue is actually going to be realized annually from the naming and sponsorship rights.
When will those mayor event center update sessions start up again?