Meeting_Body
REGULAR BOARD MEETING
FEBRUARY 23, 2017
Subject/Action
SUBJECT: PROPERTY NAMING POLICY
ACTION: APPROVE REVISED PROPERTY NAMING POLICY
Heading
RECOMMENDATION
Title
APPROVE revised Property Naming Policy with the removal of the Corporate Sponsorship/Naming Rights program portion (see Attachment A).
Issue
ISSUE
Metro is continually looking for new ways to generate additional revenue to support 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.
One of these initiatives was the implementation of a Corporate Sponsorship/Naming Rights program to generate revenue from Metro's properties and assets. The implementation of a Corporate Sponsorship/Naming Rights program is a complex endeavor, and many questions and concerns have been raised since the Board of Directors adopted the program as part of the overall Property Naming Policy in December 2016. More research and time is needed to review the potential benefits and drawbacks of the Corporate Sponsorship Program. Therefore, this component of the Property Naming Policy is being struck from the policy, which the Board can then adopt to maintain the agency's process for naming stations and properties. The Property Naming Policy would then move forward without a Corporate Sponsorship/Naming Rights Policy.
Discussion
DISCUSSION
The 2014 Board-approved Property Naming Policy 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:
...
Click here for full text