Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
NOVEMBER 17, 2016
Subject/Action
SUBJECT: PROPERTY NAMING POLICY
ACTION: APPROVE REVISED PROPERTY NAMING AND CORPORATE SPONSORSHIP/NAMING RIGHTS POLICY
Heading
RECOMMENDATION
Title
APPROVE revised Property Naming Policy with the addition of guidelines to implement and manage a Corporate Sponsorship/Naming Rights Program for the purpose of generating revenue or valued assets. (Attachment B)
Issue
ISSUE
Metro is continually looking for new ways to generate Corporate Sponsorships for the agency. In January 2016, the Metro Board of Directors approved the Risk Allocation Matrix (RAM) and creation of an Internal Savings Account intended as tools to ensure long-term financial stability and mitigate projected budget shortfalls. As part of this initial comprehensive agency-wide effort, staff identified cost saving and revenue generating initiatives that can yield deposits to the Internal Savings Account, thereby securing the sustainability of Metro's future operations and expansions.
Among the most financially significant of these initiatives is the implementation of a Corporate Sponsorship/Naming Rights program to generate revenue from Metro's property and assets. As proven by other transit agencies throughout the country, there is a substantial revenue opportunity in selling corporate sponsorships and naming rights to Metro properties, facilities, services and events.
Discussion
DISCUSSION
The 2014 Board-approved Property Naming Policy (Attachment A) provides criteria for naming stations and other Metro properties through a customer-focused approach. The policy guides the naming of Metro property with four principles in mind:
? Transit System Context - Information as to where a property is located within the context of the entire transit system with names that are clearly distinguishable
? Property Area Context - Information of the location of the property within the context of the surrounding street syste...
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