NB Exploring Selling Naming Rights
FREDERICTON – In attempt to generate more money, the New Brunswick government is exploring allowing third-parties to purchase naming rights to certain government-owned buildings and assets.
The idea is being looked at as part of the Strategic Program Review, where the government is working citizens to identify $500 million to $600 million in savings and revenue in order to eliminate the deficit.
“The Strategic Program Review is about more than finding savings, we are also looking at ways to increase revenues,” said Health Minister Victor Boudreau, who is also the minister responsible for the Strategic Program Review. “Developing and promoting a strategic naming privileges policy is a way to increase revenues that would not impact the wallets of New Brunswickers.”
Selling naming rights isn’t anything new in other cities. It could include naming new or renovated buildings, wings of buildings, parts of trails or highways, bridges and parks. It could also include advertising on or around certain government-owned assets such as ferries, roadways and common areas in government buildings, as well as sponsorship and exclusivity agreements.
The potential revenue would depend upon how many people or businesses are actually interested, however it is estimated that $2 million could be raised.
“While the main benefit is financial, this initiative could also provide the opportunity for the recognition of notable New Brunswickers who have made significant financial contributions to the province,” said Boudreau.
A report on the choices available to government will be released in the near future. Decisions will be made in time for implementation in the 2016-17 provincial budget.