On Monday city council approved signing an extension of the naming agreement for CN Centre.
The current 15-year contract with CN Rail for the naming rights expires at the end of March, city director of external relations Rob van Adrichem said. Under that deal, CN Rail paid $100,000 per year for the first five years, and $50,000 a year for the last 10 years.
Under the five-year renewal, CN Rail will pay the city $75,000 per year to continue holding the naming rights, van Adrichem said.
"I appreciate the fact we're seeing a 50 per cent increase," Coun. Kyle Sampson said.
The agreement, which unanimously approved by city council on Monday, also gives CN Rail the first option to renew the agreement for another five years once the current deal expires in 2025.
Coun. Brian Skakun said once the five-year contract expires he'd like to see the naming rights be opened up for other organizations who might be interested.
"I think there is a great opportunity and some large local organizations that might be interested," Skakun said.
