Prince George City Council will discuss renewing the naming rights for the CN Centre at Monday’s meeting.
The current renewal term started on April 1st, 2020, is set to end on March 31st, 2025.
This agreement provided the option for the right to renew for a second term of five years on the same terms.
According to a staff report to Council, CN has fulfilled the requirements of the agreement, and have indicated they wish to exercise their option to renew for an additional five years.
For the 2025 to 2030 term, City staff has negotiated a 33.33 per cent increase, which translates to $500,000, payable in annual payments of $100,000.
CN originally purchased the naming rights for the arena formerly known as “The Multiplex” in 2005 under a 15 year agreement for a total of $1 million. ($100,000 annually from 2005-2010, $50,000 annually from 2010 to 2020)
Other items to be discussed at Monday’s meeting includes decisions on grants made at a previous Committee of the Whole meeting, and building permit value stats for February.
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