Contract was signed
After some debate about the exact location of the tower, a contract was signed on 8 January 1887. This was signed by Eiffel acting in his own capacity rather than as the representative of his company, and granted him 1.5 million francs toward the construction costs: less than a quarter of the estimated 6.5 million francs. Eiffel was to receive all income from the commercial exploitation of the tower during the exhibition and for the next 20 years. He later established a separate company to manage the tower, putting up half the necessary capital himself.