City Council delay naming rights on Proposed Events Center
Sioux Falls city council members are holding off on a vote to spend $65,000 to do a study on naming rights for the proposed events center.
It was mainly decided to defer the vote because not all council members were at the meeting Monday night.
The firm hired the Superlative Group, Inc. out of Cleveland, OH. The firm's president Myles Gallagher was there to talk about what the naming rights analysis is all about.
"We'll look at independent aspects of the facility that will bring in additional revenue. We'll look at major sponsorship categories which can include pouring rights for soft drinks and it will also include equipment you'll need in the facility," Gallagher said.
The firm will also look at seating.
"How many club seats, loge boxes. What should you charge for those and what should the term of contracts be?" Gallagher said.
While the naming rights analysis is on hold for now, some council members hope to go ahead with the process.
"We need to provide them (the public) with the best information we can as far as what are the opportunities? What can we sell the seats for? I'm going to be out there to help run that money," James Entenman said.
Council members will vote May 2, 2011.
If it passes, the analysis will begin right away.
At Monday's earlier meeting at 4 p.m., city leaders talked about how they are going to pay for the an events center project in general and they gave three ways.
The city makes a cash down payment and it could be as much as $15 million dollars. Private money from donations, sponsorships and naming rights. And bonds that will eventually be paid off in 20 to 30 years.
And these three ways could be good news for your wallet.
"It's important for the public to understand as well is there is no new tax that will be implemented to pay for the project and there isn't an anticipation to increase tax rates to pay for this project as well," Tracy Turbak said.
Another meeting will be held April 25, 2011. The architectural and engineering firms will present their final reports.
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