SAN JOSE, CA (Jan. 17, 2013) – City National Bank has offered $1.2 million for naming rights to downtown San Jose’s Civic auditorium and to sponsor San Jose’s Center for the Performing Arts.
Downtown’s historic San Jose Civic will soon likely have a new name after the San Jose City Council on Nov. 28 gave the first green light for a $1.2 million naming agreement with Los Angeles-based City National Bank.
It could be the first of many new names at major local arts and cultural facilities – the city’s McEnry Convention Center the biggest among them – as San Jose seeks to expand revenue-generating sponsorships and naming agreements.
The proposed five-year agreement for the Civic with City National Bank, which would also include sponsorship of San Jose’s Center for the Performing Arts, will net the city $870,000 in capital earmarked to continue developing the venues.
The council has so far approved only a preliminary agreement. A contract will now have to be finalized between the city, the bank, nonprofit arts and cultural management group Team San Jose and two promotional companies that helped secure the deal.
Nederlander Concerts was brought on by Team San Jose to recruit more concerts to the Civic after $11 million was allocated for a major venue overhaul completed this fall. Team San Jose has another agreement with Front Row Marketing Services, L.P., which was brought in during 2011 to help secure sponsorship agreements at local venues.
For their services helping to arrange the deal with City National Bank, Nederlander Concerts and Front Row Marketing will split the remaining $330,000 as commission on the $1.2 million deal.
Under the proposed agreement, City National Bank will have until Dec. 31 to pay for the sponsorships and naming rights.
The Civic also isn’t City National Bank’s first foray into naming rights. Nederlander Concerts and Front Row Marketing previously helped turn Orange County concert venue the Grove of Anaheim into City National Grove of Anaheim.
Downtown’s historic Civic auditorium will soon likely have a new name after the San Jose City Council on Nov. 28 gave the first green light for a $1.2 million naming agreement with Los Angeles-based City National Bank.
Originally Posted from the San Jose Business Journal article here.