Emanuel's office announced this week they've struck a 30-day deal with Bank of America to wrap advertisements around the two historic stone Wabash bridge houses (see pic above) in the Loop. Neither party would disclose how much money the agreement is worth.
But Emanuel is counting on $25 million dollars from that kind of marketing to help close a projected $635.7 million deficit for 2012.
And his proposal doesn't stop with bridge houses: A measure now before the City Council would give the Emanuel administration authority to market literally any asset owned by the city, physical or otherwise. Those assets could include parking meter pay boxes, vehicles, the city's website - even buildings, including police stations and City Hall, said Chief Financial Officer Lois Scott.
"We are not going to leave any stone unturned, in terms of trying to find value for our taxpayers, to protect the services for our citizens and really do what’s right here," Scott said in an interview with WBEZ.
Scott said the city came up with that $25 million target, in part, by talking with industry experts and looking at other city agencies that already sell ads, such as the Chicago Transit Authority and the Park District. Emanuel’s budget office says it doesn’t yet have a detailed break down of exactly what property it hopes to market, or for how much. Specific deals largely depend on demand, Scott said.
