I was the first to propose the use of "Naming Rights" as an additional non-taxing revenue source. In 2010 I advocated for the city of Chicago to utilize this concept which is a harmless revenue generator that would not further burden any taxpayer. It has limitless potential to generate revenue.
Specifically excluding City Hall, as Mayor, I will provide maximum opportunity for companies and individuals to promote their brand by adding their name to public buildings, facilities, parks, libraries, water filtration plants, and other city-owned assets.
Unlike Daley’s failed Parking Meter Deal or other forms of Privatization, the city would retain complete ownership and control over each and every aspect of these city-owned assets. The assignment of Naming Rights would not result in the transfer of any title or authority. It would not confer upon the entitled entity any right to control the asset or affect its character.
The use of Naming Rights is an idea whose time has come. It is a concept that is now catching on. For example, Cook County government is considering the use of the Naming Rights concept for its Forest Preserves.
Riverwalk and other beautification projects are prime for funding through the use of Naming Rights. Our studies show Corporations would bid as much as $500 million, to have their Brand associated as the primary sponsor of Millennium Park, for a limited period of time. Other companies would be able to bid to have their name associated with certain areas or assets located within Millenium Park. Funds from those deals alone would cover the cost of park upkeep, improvement, and expansion as well as enable us to resolve our pending Pension crisis.
Adding Naming Rights to the city's revenue repertoire would ensure beautification and non-essential budget items are not monopolizing the dollars we all agree must be used to save and restore our broken communities.