advertisement

---

Yesterday, the Chicago Transit Authority’s (CTA) board approved a contract authorizing IMG International to research the viability of corporate sponsorships and naming rights for various CTA properties and assets.

IMG will first identify which CTA assets are marketable, then evaluate the assets’ market value and lastly develop requests for proposals to solicit sponsorships, CTA officials said in a prepared statement.

“In a time when budgets are tight, we have to be creative and explore new avenues for CTA to help generate revenue,” CTA President Forrest Claypool said. “For CTA, this is unchartered territory, but other businesses and transit agencies have successfully used corporate sponsorships to generate revenue.”

Also yesterday, the CTA board approved 10 leases for tenants to occupy space on the Red, Blue, Brown and Orange lines. The new contracts bring the total number of leased spaces to 84.

“This is the third consecutive month CTA has leased concession space at rail stations,” Claypool said. “The new coffee and food shops further enhance the customer experience, and at the same time provide a reliable source of income for CTA for the next 10 years.”