http://www.digitaljournal.com/article/336150

Get the naming rights to Izumisano for $1.25 billion

Posted Nov 4, 2012 by Can Tran
For those that have at least $1 billion to blow, the municipal government of Izumisano is offering the city's naming rights for at least that amount.
Izumisano  Japanese city
Izumisano, Japanese city
Pinoy Photographer
If you have a few billion dollars to spare, you still have time until November 30 to buy the naming rights of Izumisano or “Izumi-Sano” which is located 25 miles southwest of Osaka, one of Japan's major cities located on the west coast of the country. Originally reported in the Daily Yomiuri, Izumisano's municipal government made plans earlier this year in late March. If you are willing to pay a little over $1 billion, you get the naming rights to the city and can name it whatever you see fit or whatever the way you want to name it.
It'll be under a contract between one to five years. Domestic and international applications are welcome. Should you be interested, you need to send in the application along with an amount that you're proposing. Keep in mind that this practice isn't new. There are reasons that cities go through name changes. Izumisano is by no means an exception.
The reason for the auction is because Izumisano is suffering from a debt of at least $1.25 billion which translates into $1,250,000,000. Putting the naming rights on auction seems to be the only feasible option taken by Izumisano's municipal government. According to the TIME Magazine newsfeed, the interested sponsors are required to sign a contract that is good for ten years. Under the contract, sponsors are obligated and required to strengthen their connection to Izumisano by either heavy investing of transferring headquarters in care of the community.
The bidding ends on November 30.
AFP interviewed an anonymous source that explained the situation. Much money was spent building roads and infrastructure due to the location of Kansai International Airport. Due to the remote location, Kansai International Airport and other related projects are blamed for the city's debt.
As November 30 gets close, it seems that no potential bidders have stepped forward.