Little happened until the beginning of 1886, when Jules Grévy was re-elected as President and Édouard Lockroy was appointed as Minister for Trade. A budget for the Exposition was passed and on 1 May Lockroy announced an alteration to the terms of the open competition which was being held for a centerpiece for the exposition, which effectively made the choice of Eiffel's design a foregone conclusion: all entries had to include a study for a 300 m (980 ft) four-sided metal tower on the Champ de Mars.[4] On 12 May a commission was set up to examine Eiffel's scheme and its rivals and on 12 June it presented its decision, which was that all the proposals except Eiffel's were either impractical or insufficiently worked out. After some debate about the exact site for the tower, a contract was finally 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 following twenty years. Eiffel later established a separate company to manage the tower, putting up half the necessary capital himself.