The annual “Tribute in Light” memorial echoing the twin towers of the World Trade Center illuminates the night sky during the 10th Anniversary of the September 11, 2001 attacks at the lower Manhattan site of the World Trade Center September 11, 2011, in this view from Bayonne, New Jersey. Also seen are the Statue of Liberty (C) and 1 World Trade Center (L). AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)
WOODLAND PARK, N.J. (AP) - The public agency that owned the World Trade Center sold its naming rights to a nonprofit decades ago for $10 and has to pay to use the name.
The Record newspaper of New Jersey reports that a contract shows the Port Authority of New York and New Jersey sold the rights to the World Trade Centers Association in 1986.
The newspaper reported Sunday that the Port Authority pays $10,000 a year to use the words "World Trade Center," including on merchandise it plans to sell in the new World Trade Center it's building. Those sales could bring an estimated $23 million to $28 million annually.
The paper reports the executive who made the deal, Guy Tozzoli, earned millions as president of the nonprofit. He died this year.
(Copyright 2013 by The Associated Press. All Rights Reserved.)