New York City has backed off a plan to sell its name for use on a credit card in exchange for new revenue.
New York City Mayor Michael Bloomberg said the deal would not have a big enough return on investment, according to news reports.
The city had been seeking interested parties in the banking and financial communities interested in using the city’s name and image on an official New York City credit card.
In its most notable deal, the city struck a $166 million agreement with Snapple for the beverage company to be the exclusive beverage vendor for all city public buildings and public schools.
New York City is just one of a growing number of cities looking to generate additional revenue by marketing its name and image.
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