Toyota Motor Manufacturing Canada has agreed to pay the City of Cambridge $250,000 for naming rights for the Soccer Complex fieldhouse on Fountain Street South for a 10-year term.
Council is expected to approve the deal next week.
The 6,500 square foot fieldhouse features public and universal washrooms, changerooms, multi-purpose space, staff room and equipment storage.
Signage provided by the city up to a maximum of $50,000 will be included as part of the project budget.
Any costs above that budget will be at the sponsor’s expense.
Once the ten-year contract is up, TMMC will have first dibs at retaining the naming rights at a cost that reflects inflation, the city says.
Naming rights and a policy around it were raised two years ago as a new revenue stream and, in some cases, offset the costs of city facilities, programs and operation.
Also up for grabs for naming rights will be elements of the Preston Auditorium expansion and the new rec complex in the city's south end.
The company the city hired to come up with a policy around naming rights estimated the three projects could generate upwards of $10 million for the city.
Interkom Inc. was hired in 2022 to manage the process of securing deals for naming rights.
The company estimates the city's older facilities have potential to generate revenue through naming and sponsorship to the tune of $500,000 to $750,000.
The city's policy has a process and criteria for the naming of city assets to "ensure that the goals of the sponsorship partner and the City are aligned, the public interest is respected, and the integrity of municipal programs and services are protected."
