The selling of naming rights to city institutions will be discussed to by the council's executive committee on Monday at City Hall.

A report that will be tabled at the meeting recommends city staff identify properties where naming rights can be sold in order to raise revenues for the city.

The most contentious idea that's emerged so far is the proposed selling of naming rights to TTC stations.

TTC chair Karen Stintz said proposals such as selling off station naming rights can't be ignored because the TTC needs money.

"We're looking at all options because we do want to refurbish our stations and we know we will need help to do that," she told CBC News. Should the executive committee support the recommendations of the report, a council vote would be required in order for the city is to move ahead on selling naming rights.

A number of companies, including Sony and BMO Financial Group, currently hold naming rights to city facilities.

Sue Bundy is BMO's director corporate sponsorships. She said the bank's 10-year deal at BMO Field has been beneficial, as people now associate the bank with soccer.

"For us there would not be a connection to a public facility like a subway," she said.

Other cities have sold station naming rights

Other transit systems have successfully sold off naming right to fill budget shortfalls.

In New York, British bank Barclays paid $4 million to affix its name to the Atlantic Avenue–Pacific Street subway stop in Brooklyn.

And in Philadelphia, AT&T paid US$5 million for a five-year contract to rebrand Pattison Station, originally named after a former state governor.

Richard Maloney speaks for the Southeastern Pennsylvania Transportation Authority (SEPTA), which serves Philadelphia.

He said the station is located in the middle of three new downtown sports stadiums. The new name is scheduled to make its official debut later this summer

"For an advertiser, that's very attractive," Maloney told CBC News. "You've got tens of thousands of people coming through one station into these venues … so for an advertiser, you want to have a lot of eyes looking at it, and that gives it its value."

Maloney said the sale generated little controversy. Money from the deal went right in the transit system's operating budget.

Tom Gierasimczuk is the editor-in-chief of Toronto-based Marketing Magazine.

He said to avoid controversy, interested companies should look at TTC stations that may form a positive fit with their brand.

"A brand that usually associates itself with students or recent grads may want to associate itself with St. George [located near the University of Toronto]," he said.

Gierasimczuk said if the station sponsorship plan goes ahead, it could be very lucrative for the city.