$750K for Hamilton Farmers’ Market naming rights
http://www.thespec.com/news-story/71...naming-rights/
Another credit union is stamping its brand on landmark city-owned property in the downtown.
Meridian Credit Union has reached a multi-year $750,000 naming and sponsorship agreement with the Hamilton Farmers' Market and the city's revenue generation group.
The agreement, which still requires council approval, will see Meridian pay the city and the not-for-profit corporation that operates the market $150,000 annually for five years.
The Farmers' Market Corporation will receive $125,000 of the annual payment to help pare down city subsidies and pay for upgrades while the remaining $25,000 will go toward reducing the tax levy.
The terms of the agreement include an additional five-year renewal option.
The deal follows in the footsteps of city sponsorship agreements with FirstOntario Credit Union, which recently paid $2.5 million over 10 years for the naming rights to Hamilton Place and previously bought the naming rights to the former Copps Coliseum for $3.5 million.
The Meridian agreement goes before the committee of the whole for approval March 22.
According to a staff report, the sponsorship, which starts April 1, will be expressed in various ways, including references to "The Hamilton Farmers' Market Proudly Supported by Meridian."