CORPUS CHRISTI, Tx — Thomas J. Henry has put forward a bid of $12.5 million for the naming rights of the American Bank Center in a recent press conference at the Atlantic Aviation on Wednesday.
About two and a half weeks ago, Oak View Group (OVG), the management company overseeing the American Bank Center, approached Henry to gauge his interest in putting his law firm's name on the building. Henry said he was excited about the opportunity.
“It’s a way of continuing to give back to the city as we do more things in the city this year, next year and in the coming years,” Henry said.
The American Bank Center may be operated by OVG, but the City of Corpus Christi owns the facility. City manager Peter Zanoni said the current contract with American Bank was for about $175,000 a year for 20 years. Zanoni believes that amount may have been adjusted as the years have gone on through the contract.
American Bank's contract will expire at the end of September. So, Henry wanted to take advantage of the opportunity.
“Naming rights for someone like myself, I represent a lot of people that come from all walks of life and I think that, that could be helpful to some young people. Inspire some young people to be the next person to go out and help people in our community,” he said.
Henry called his press conference to express disappointment with the city staff. After making his bid, he said OVG took that information to the city. Henry said he's disheartened that the city hasn't said anything to him about his proposal.
So much so, he's asking residents to reach out to their city council members and ask them, how are they prepared to fund the American Bank Center?
“These are tax payer dollars and we don’t want ever, the naming rights and the value of a building, to be done behind closed doors. We want to be transparent. We want it to be in the best interest to the people in Corpus Christi,” Henry said.
Henry is skeptical that the city won't accept the highest possible bid to help with the needs of the American Bank Center and offset costs for taxpayers, whether it's his bid or another's.
City Manager Zanoni confirmed that OVG did notify the city staff about Henry's proposal, as well as other proposals. Zanoni said Henry hasn't directly contacted city staff. As for their silence, Zanoni said it's not the city's responsibility to find the naming rights partner.
“OVG 360 and the contract they have, the managing contract, there’s a provision in there where it’s their responsibility to run the naming rights process,” Zanoni said.
Included in that process, American Bank gets the first chance to negotiate staying on as the naming rights holder or letting it go to other bidders. Zanoni said those negotiations are happening and their exclusivity period will end in early May.
After OVG has decided on a sponsor, the city will have final say on who gets the rights. Zanoni said it would be brought to city council for their approval.
“OVG 360, with the city, are looking at appropriateness, community acceptance, embracing of the product being the arena, convention center and the Selena. And so, many things have to come together, it’s not just price,” Zanoni said.
Zanoni expects a naming rights contract will be in place around the end of May. That way the city has time to buy new signage if it's a new sponsor or they can upgrade the current signage if American Bank remains as the naming rights holder.
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