The Malpeque Bay Credit Union and the Town of Kensington are finalizing an agreement for the financial institution to become a naming partner for the Community Gardens Complex. The deal would be for 10 years.
The town’s mayor and its chief administrative officer confirmed that a sponsorship agreement is being drawn up with Malpeque Bay Credit Union.
“They don’t propose, at this point, that the name would change, but we certainly want to reserve that right within the contract, that we have the ability to have that discussion,” said CAO Geoff Baker.
The town issued a request for proposals in early 2015 seeking a naming rights partner for the facility, which it took over ownership of in 2011.
At that time, just how such a partnership would work for the Kensington recreational facility was to still to be determined.
The RFP indicated that the town would have final approval over the name and logo for the complex and that the successful applicant would be responsible for the cost of any and all naming rights’ signage on the exterior and interior of the facility.
The town, at the time, was seeking an agreement for a minimum least five years, but preferred a 10-year agreement.
Mayor Rowan Caseley confirmed that the agreement would be for a decade.
“The Malpeque Bay Credit Union has been a great sponsor of not only this but to the 50-50. They are always willing to step up,” said Caseley.
Few details of the arrangement are available, but Baker said the hope is that it will become official by September at the latest.
“It has been a long time coming, that’s for sure,” said the CAO, adding it is the first time the complex will have naming sponsor. “We had issued a request for proposals for a sponsor, they submitted a proposal and we’ve accepted their proposal.”
He did confirm the value of the deal is $10,000 a year for 10 years, money that will go directly into the operation of the facility, which has yet to break even.
“It is significant, there’s no question about that,” added Baker.
The accumulated total deficit of the facility since the town took over rink operations is in the vicinity of $70,000.
Summerside has a similar partnership in place for its multi-million dollar recreation facility. On March 1, 2008, the facility then known as the Summerside Wellness Centre became the Consolidated Credit Union Place, or, as it is more commonly know, Credit Union Place.
The 10-year partnership gave the Credit Union naming rights to the facility and the exposure and branding that came with it.
