What's in a name? Money, the city hopes - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
March 5, 2014 Newswires
Share
Share
Post
Email

What’s in a name? Money, the city hopes

Aisling Swift, Naples Daily News, Fla.
By Aisling Swift, Naples Daily News, Fla.
McClatchy-Tribune Information Services

March 05--So you wanna see your name up in lights?

How about a park in your name?

For a mere $2 million, you could buy the naming rights to Naples' proposed Gordon River Park.

Can't afford that much?

A 40-foot-high hill with a 360-degree view of the river and city is going for $1 million, a café building for $800,000 and palm trees and park benches, $1,000. For the average Joe, a barbecue grill will sell for $500, and 1,500 small and large brick pavers will go for $100-$300.

Naming rights are a lucrative way to raise funds, so the city of Naples hopes to hold an auction March 15, during the Gordon River Park Gala, to acquire up to $10.8 million to build the proposed 15-acre park, which is slated to cost up to $15 million.

Wednesday, Naples City Council will vote on whether to offer naming opportunities for the park, located at 50 Riverside Circle.

"This is isn't like a new, original idea for us, but we think it fits in with the idea of the park," said Mayor John Sorey.

He said he's following the lead of the late Andy Holt, the University of Tennessee president who recommended 10 "cultivation touches" before asking someone for a donation.

"You start with a suspect, then you turn them into prospects and then givers," Sorey said, declining to specify names or how many pledges he's received, saying only, "I have considerable interest in the naming opportunities."

Sorey is focusing on 40 items, ranging from the $2 million park down to $1,500 for 20 outdoor dining table sets. But he concedes that if someone wants to outbid a pledge, a bidding war could ensue.

So for the past three months, Sorey has devoted about one-quarter of his time, with his wife Delores, to soliciting donors, meeting them at the property and offering weekly breakfasts.

"The ultimate touch is Delores' breakfast at 6:45 a.m.," he said, adding, "All the pledges I have came out of those cultivation efforts."

The remaining nine items -- 30 streetlights for $3,000 on down to 500 small brick pavers at $100 each -- will be auctioned off as "cash calls," meaning anyone can hold up a paddle to bid.

Councilman Bill Barnett, a 30-year auctioneer, will peddle the items.

"I think it will be a success," Barnett said of the auction, after decades of seeing park plans get scrapped. "There were plans and plans and plans and they ended up back on shelves and we changed councils. This time, it's the real deal."

Naming rights are common in the private sector and nearly every major league arena sports a wealthy donor's name.

Locally, Germain Motor Co. paid $7 million in June 2004 for 20 years of naming rights at Teco Arena in Estero. In 2007, International College in Naples became Hodges University after Earl and Thelma Hodges donated $12 million on top of past donations.

When the economy soured several years ago, naming rights grew popular with state parks, governments and school districts, which have peddled everything from town hall meeting rooms to schools, universities and public buildings.

Two years ago, Ohio Governor John Kasich announced he was considering selling naming rights to state roads, bridges and rest stops to address a $1.6 billion transportation budget shortfall -- and stave off toll increases. This year, the state hired a company to find donors.

In 2009, Barclays Bank purchased 20 years of naming rights to a Brooklyn subway station for $200,000 yearly. A year later, AT&T paid $5 million to put its name on a downtown Philadelphia transit station for five years.

In 2012, Virginia lawmakers passed legislation to sell naming rights to state bridges and roads, prompting a $2 million yearly deal that ended in 43 highway rest areas getting the GEICO Insurance name.

That year, lawmakers in New Hampshire and Florida nixed naming rights bills. One Florida bill involved state transportation facilities, including the turnpike, rest areas, highways and tolls, in addition to bills to raise funds for public greenways, bicycle trails and schools. New Hampshire lawmakers are reconsidering the idea this year for highway bridges, overpasses and exits.

Offering naming rights occurs less frequently in smaller municipalities.

"Most cities have memorialized individuals or families with certain parks, public buildings, etc., but not 'sold' something because not that many cities have something to 'sell,'" said Lynn Tipton, Florida League of Cities' director of membership development.

Critics say selling naming rights cheapens the parks and buildings, but supporters contend it generates revenues that help governments expand services or avoid budget cuts.

So would Naples consider naming rights by a large corporation, such as Walmart?

"If they want to write a big enough check, it could be done," Sorey said, adding that he's focusing on local residents and businesses. "It's probably not a big enough deal for a large corporation to be interested. I'd much rather keep it local, with people who have been so generous in the community."

___

(c)2014 the Naples Daily News (Naples, Fla.)

Visit the Naples Daily News (Naples, Fla.) at www.naplesnews.com

Distributed by MCT Information Services

Wordcount:  853

Newer

Annapolis adopts new parade rules after Fourth of July death

Advisor News

  • Equitable launches 403(b) pooled employer plan to support nonprofits
  • Financial FOMO is quietly straining relationships
  • GDP growth to rebound in 2027-2029; markets to see more volatility in 2026
  • Health-related costs are the greatest threat to retirement security
  • Social Security literacy is crucial for advisors
More Advisor News

Annuity News

  • Best’s Special Report: Analysis Shows Drastic Shift in Life Insurance Reserves Toward Annuity Products, and a Slide in Credit Quality
  • MetLife to Announce First Quarter 2026 Results
  • CT commissioner: 70% of policyholders covered in PHL liquidation plan
  • ‘I get confused:’ Regulators ponder increasing illustration complexities
  • Three ways the Corebridge/Equitable merger could shake up the annuity market
More Annuity News

Health/Employee Benefits News

  • Pols & Politics: Romney, Patrick, Dukakis, Weld, and Healey to celebrate 20 years of MassHealth
  • Homage names Allan Fisher as director of administration and strategy
  • Illinoisans to pay for other’s abortion services under proposed grant program
  • REPORT: Non-diabetes GLP-1 prescriptions would double upcoming city employee health insurance rise
  • Gov. Kelly Signs Bipartisan Bill to Expand Health Coverage for Children
More Health/Employee Benefits News

Life Insurance News

  • An Application for the Trademark “PREMIER ACCESS” Has Been Filed by The Guardian Life Insurance Company of America: The Guardian Life Insurance Company of America
  • AM Best Assigns Credit Ratings to North American Fire & General Insurance Company Limited and North American Life Insurance Company Limited
  • Supporting the ‘better late than never’ market with life insurance
  • Best’s Special Report: Analysis Shows Drastic Shift in Life Insurance Reserves Toward Annuity Products, and a Slide in Credit Quality
  • The child-free client: how advisors can support this growing demographic
More Life Insurance News

- Presented By -

Top Read Stories

More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Protectors Vegas Arrives Nov 9th - 11th
1,000+ attendees. 150+ speakers. Join the largest event in life & annuities this November.

An FIA Cap That Stays Locked
CapLock™ from Oceanview locks the cap at issue for 5 or 7 years. No resets. Just clarity.

Aim higher with Ascend annuities
Fixed, fixed-indexed, registered index-linked and advisory annuities to help you go above and beyond

Unlock the Future of Index-Linked Solutions
Join industry leaders shaping next-gen index strategies, distribution, and innovation.

Leveraging Underwriting Innovations
See how Pacific Life’s approach to life insurance underwriting can give you a competitive edge.

Bring a Real FIA Case. Leave Ready to Close.
A practical working session for agents who want a clearer, repeatable sales process.

Press Releases

  • RFP #T01525
  • RFP #T01725
  • Insurate expands workers’ comp into: CA, FL, LA, NC, NJ, PA, VA
  • LifeSecure Insurance Company Announces Retirement of Brian Vestergaard, Additions to Executive Leadership
  • RFP #T02226
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet