Romeoville trustees approved a five-year deal with Edward Hospital Wednesday for the exclusive naming rights to the village’s Athletic and Events Center.
The contract, worth $500,000, will give the Naperville-based health care chain the naming rights for the facility through 2019. Under the terms of the deal, the village will receive annual payments of $100,000, with the first due Feb. 22.
Edward will also lease about 1,600 square feet of space inside the 55 Phelps Ave. facility for a rehab center and will have naming rights for one of basketball courts inside.
The village’s name will remain on signage inside the facility and in a less prominent spot on the front façade and other entrances of the building, Village Manager Steve Gulden said. Edward will pick up the tab for the new sign on the outside, while the village will pay for any change in signage inside.
Mayor John Noak said the naming rights would give the center a larger foothold in marketing the facility to a regional audience outside the village. The athletic nature of the facility, he said, lends itself to the naming rights partnership.
“This really does fit naturally with the center,” Noak said.
Gulden said the village looked at naming rights packages offered by other regional facilities in order to calculate the value of the five-year deal before advertising to potential suitors.
“There was some methodology behind it,” said Gulden, who noted ATI Field at Joliet Memorial Stadium as one example.
Village officials have touted the center as a catalyst of renewed economic development along its Route 53 corridor. Noak said the naming rights and rehab facility inside the center would continue that goal of drawing new visitors to the village.
Trustee Dave Richards agreed.
“There’s going to be people coming to Romeoville for things other than tournaments,” said Richards.
In other business, the board heard updates on its police and fire pension funds. The village’s fire fund stands at 111 percent funded and its police pension fund at 67 percent. By state statute, all public pensions must be 90 percent funded by 2040.
Contact Brock A. Stein at Brocknewstips@gmail.com or on Twitter at @BrockAStein.