A report headed to Essex council Monday night looks to update and modernize the town's naming rights policy that was created in 2010.
The report suggests council expire the previous policy, and approve its replacement to safeguard the town’s values, image, and assets while fostering potential revenue opportunities.
Administration says the new policy will will enhance the town’s capacity to generate non-tax revenues to fund council priorities, while incorporating appropriate criteria, standards, and administrative responsibilities into these processes.
Mayor Sherry Bondy says the town has a lot of opportunity for growth.
"We're doing Heritage Park pavilion in Essex ward 1, we want to do a pavilion in Colchester, we want to build some more community spaces in Harrow, so it's really a way to get businesses out there and really save the taxpayers some money," Bondy said.
Bondy says some town assets have already been identified including the twin-pad arena.
"We have parks that we're looking at, we have our amphitheatre in Essex ward 1 that is coming forward," she said. "We know that we have businesses that have approached us to look at, can we do an event centre, so there's things that we really couldn't move forward to until we had a new policy."
Bondy says any business or person interested in naming sponsorship opportunities should contact the town CAO.
"And then enter into an agreement, and look over the policy, making sure that that business aligns with our values, and then if it was under $130,000, it can be approved by the CAO, and if it's over, it would go to council," Bondy said.
Essex council meets at 6 p.m. Monday.