The main lobby at the expanded Preston Memorial Auditorium will be named after a Toronto-based private equity firm that focuses on residential development.
Greybrook will pay the City of Cambridge $100,000 over the next decade for naming rights on the lobby in accordance with a third-party valuation of the space, says a report headed to council next week.
The city hired Burlington firm Interkom to manage naming rights for its facilities in 2022 after the company determined it could generate as much as $10 million in revenue from its three newest facilities alone, including the new rec complex, which began construction last month.
Toyota Canada paid $250,000 to name the field house at the city's new soccer complex prior to its opening last spring.
The city says annual revenue from the Greybrook agreement will be used to help offset the annual tax supported debenture expense associated with the project.
Signage erected in the lobby will be paid for by the company.
Ball Construction is undertaking the $33 million expansion and renovation to transform the 77,000 square foot Preston aud with improvements to the existing change rooms, ice pad, ice resurfacing room and other amenities including the addition of a new NHL size ice pad, seating, changerooms, washrooms, multipurpose room and office space.
The city says Greybrook has been investing in the development of residential housing communities in Southern Ontario for over 20 years.
"As part of their submission, they have shared that they take pride in being a part of the growth and prosperity of thriving communities across the region."
"Supporting the Preston Auditorium renovation and expansion is meaningful to Greybrook as they have several current and past employees who played hockey professionally; a success made possible by local arenas," reads the report.
Council will be asked to support a recommendation to move ahead with an agreement with Greybrook next week.
