3.01.17 – Naming Rights - Capital Donors
This policy is intended to apply to the naming of buildings or substantial parts of buildings (i.e. including rooms and other specific interior spaces) as well as exterior spaces (i.e. roadways, outdoor facilities) in recognition of “significant” contributions.
The Board welcomes the opportunity to possibly name the above in honour of a contributor to the Park. In naming physical structures or areas, priority will be given to the development of relationships with individuals, corporations, organizations and foundations who are prepared to offer “significant” support for the achievement of the Park’s objectives.
The naming (or proposals for naming) of structures and areas:
is a matter only within the authority of the Park’s Board of Directors, unless otherwise stated;
will be forwarded to the Society, through the SSO, to the Board of Directors; and
will be evaluated based on whether they conform to this policy.
All decisions and terms relating to naming will be confirmed in writing with the contributor.
Any existing naming rights privileges that occurred before this policy was formally adopted is appended to this policy.
All contributions relating to naming or renaming of facilities will be evaluated on an individual basis.
“Significant” contribution or bequest criteria for naming or re-naming purposes will mean a majority, greater than 50% of the capital cost of a component, is being sponsored (if the contribution is regarded as central to the completion of a building or area it may be 50% or less of the capital cost and be considered “significant”).
When embarking on future fundraising campaigns, the Board will establish in advance, naming opportunities and the level of benefaction required for each, and will advise potential benefactors that naming, subject to approvals and decisions being consistent with this policy will recognize the benefaction.
Where a contribution does not meet the “significant” contribution criteria, the naming will be subject to the completion of satisfactory funding arrangements for the building or area in question. If the organization is unable to proceed with the project, the potential naming donor will be entitled to re-direct or withdraw their contributions.
Facilities should not be named for persons making gifts of property (real or personal) until such gift is converted to cash.
Part of the naming approval process followed by the Board of Directors will be to answer some or all of these questions:
1. Does the project fit into the long-range plans of the Park?
2. Is there a need for this new project when the priority of other projects is considered?
3. Is there available space and/or land?
4. If needed, has there been a complete financial feasibility study, addressing issues of:
construction costs, equipment costs, maintenance and operational expenses?
Exclusivity rights may be negotiated as part of a naming package (e.g. exclusive beverage provider).
Naming rights may involve a length of time (a term). If so the Park will adhere to the following:
A. Limited Term Naming
Where the “significant” contribution is from an organization, corporation or Foundationthe naming rights may be limited in term according to the level of contribution but shall not exceed 20 years. Contributors will have first right of refusal for continuance of the naming rights according to a new contract & contribution upon expiration of the initial term.
B. Naming In Perpetuity
When the “significant” contribution is from an individual or family the Board of Directors may approve the naming of a facility or area in perpetuity in their honour. Where a facility or part thereof has been named in this manner, CRCP will continue to use the name for the life cycle of the facility. When the life cycle is over, and the facility is changed such that it is demolished, substantially renovated or rebuilt, CRCP may retain the use of the name or discontinue the use of the name but continue the recognition of the individual or family by use of some such means as a plaque or other similar recognition.