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Chicago May Sell City Asset Naming Rights
Chicago could be planning to sell naming rights to and advertising on the Chicago Skyway and other city assets so that Chicagoans won’t have to pay higher taxes to fill a $94.1 million budget gap, the Chicago Sun-Times reports. A plethora of city assets is up for grabs.
The roster of possible assets include everything from airports, libraries and water filtration plants to police and fire stations and vehicles, the 911 emergency center, bridges over the Chicago River and even Lake Shore Drive.
Chicago cut a blockbuster $1.83 billion deal that privatized the Chicago Skyway earlier this year, but naming rights and advertising were intentionally “held back” to set the stage for a future transaction.