A new name for Lakewood Stadium?
December 6, 2012
Lakewood City Schools and First Federal Lakewood have entered into an agreement for the naming rights of Lakewood Stadium. Both parties have agreed to a 10-year contract worth $320,000 that will see the high school stadium renamed First Federal Lakewood Stadium.
“First Federal Lakewood is a well-established, longtime civic supporter of many organizations and events in Lakewood and we are thrilled that they have now put their support behind Lakewood City Schools in a major way,” said Superintendent Jeffrey W. Patterson. “We are grateful for their partnership and look for the opportunity to replicate this type of agreement with others in the future.”
Gary R. Fix, President and CEO, First Federal Lakewood, echoed Patterson’s thoughts.
“As a community bank headquartered in Lakewood since we were founded in 1935, we have a rich tradition of supporting the communities we serve,” Fix said. “This partnership with the Lakewood City Schools is an excellent opportunity for us to deepen our commitment to the Lakewood community, support programs and facilities that will positively impact the lives of Lakewood students and athletes for years to come.”
In addition to the name of the stadium, the agreement, which is broken down into yearly payments of $32,000, calls for First Federal’s name and logo in both end zones, the front and back sides of the scoreboard, concession stands, press box, the side wall facing Bunts Avenue and all entrances. All signage will be paid for by First Federal and the money paid to the district will be deposited into a capital improvement account dedicated to stadium maintenance and upgrades.
The Board of Education was scheduled to vote on the contract at its meeting on Dec. 3, at 7 p.m. at Harding Middle School. A formal announcement and presentation will be made prior to tipoff of the boys’ varsity basketball game at 7:30 p.m. on Friday, Dec. 7, in the East Gym of Lakewood High School.
“On behalf of the Lakewood Board of Education, I would just thank everyone who worked so hard in developing this agreement,” Board President Betsy Bergen Shaughnessy said. “It is critical that the school district and the local business community work co-operatively to support our students.”
This ground-breaking contract for the district comes as it searches for new sources of revenue in the wake of declining state funding and property tax collections due to the still shaky economy.
“We are trying to find creative ways to supplement public education,” Patterson said. “It is one of the things our residents asked for in our community meetings last year – to find different revenue sources.”
The new agreement begins on April 1, 2013, and signage should be in place in time for the spring track & field season, which sees many of its meets held at Lakewood Stadium.