A pair of 10-foot-high by 35-foot-wide electronic billboards erected at the entrances to Port Moody could earn the city $30 million over the next 25 years.
That's according to a report that's part of the agenda for Tuesday's council meeting, when councillors will consider bylaw changes that would allow the signs to be erected on public property along Barnet Highway at the city’s old landfill site, and another where Barnet meets Ioco Road.
The staff report said Pattison Outdoor Advertising would design, build and maintain the double-sided billboards. In return, the company would pay the city a one-time signing bonus of $300,000 per billboard. Port Moody would then earn the greater of a guaranteed minimum annual average of $377,000 over the course of a 25-year contract or 45% of ad revenue generated by the billboards. Pattison estimates that could amount to more than $590,000 a year for each billboard, the report says.
Kim Law, Port Moody’s manager of product delivery services, said the city would also be able to use 10% of the available advertising time slots free of charge to promote city and community events, city notices and construction advisories. He said that would be worth about $180,000 for each billboard. Emergency messages and amber alerts would also be displayed for free. As well, city businesses would receive a 20% discount to advertise on the billboards.
Last May, Coquitlam council voted not to allow similar electronic billboards on city property and along Highway 1 after 73% of 1,159 residents who responded to an online survey conducted by the city said they opposed such signs, citing visual clutter.
But electronic billboards have become part of the cityscape in several other communities, including Port Coquitlam. Pitt Meadows, Surrey and New Westminster.
Three digital billboards that were erected in Port Coquitlam in 2017 were expected to raise more than $5 million in revenue and promotional value for that city in a 10-year revenu-sharing agreement with Van Horne Outdoor Limited Partnership. Karen Grommada, PoCo's director of finance, said the city realized $307,779.50 from the billboards last year, which was transferred to a reserve account that will be used to pay for improvements to its downtown.
The city of New Westminster anticipated $25 million from its 20-year agreement to allow All Vision Canada to erect four double-sided billboards along high-traffic areas that include the south end of the Pattullo Bridge and Brunette Avenue at Highway 1 in 2012.
10/07: Story updated to include actual revenue figures from digital billboards in Port Coquitlam.
