Title:
Title
Agreement for Naming Rights of the Sacramento Convention Center and the Community Center Theater
End
FileID
File ID: 2019-01034
Location
Location: 1301 L Street and 1400 J Street, District 4
Recommendation:
Recommendation
Pass a Motion authorizing the City Manager or City Manager's designee to execute an agreement with SAFE Credit Union for exclusive naming rights of the Sacramento Convention Center and the Sacramento Community Theater.
Contact: Sabrina Tefft, Project Manager, (916) 808-3789, Office of Innovation and Economic Development; Fran Halbakken, Project Executive, (916) 808-7194, Office of the City Manager.
Body
Presenter: Fran Halbakken
Attachments:
1-Description/Analysis
2-Contract
Description/Analysis
Issue Detail: In June 2017, the City of Sacramento hired a consultant, the Superlative Group, to solicit sponsorship opportunities for the naming rights of the Sacramento Convention Center (Convention Center) and the Sacramento Community Theater (Theater). As a result of these efforts, the City and SAFE Credit Union have been able to successfully reach a naming rights agreement. The proposed agreement provides exclusive naming rights for SAFE Credit Union for the Convention Center and the Theater. Staff recommends approval of the agreement with SAFE Credit Union for the exclusive naming rights of the Convention Center and the Theater. The City of Sacramento will receive $22,988,000 over a 25-year term.
The Convention Center and the Theater are currently undergoing a substantial renovation and expansion. Revenue generated from this agreement may benefit the renovation efforts for both projects and may also be used for other purposes.
SAFE will partner with the City to serve both our employees and local residents. SAFE will assist with marketing of events at both venues and at the Memorial Auditorium. The City will also invest with SAFE Credit Union over the life of the agreement.
Policy Considerations: The namin...
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