Little happened until the beginning of 1886, but with the re-election of Jules Grévy as President and his appointment of Edouard Lockroy as Minister for Trade decisions began to be made. 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 Champs de Mars. 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 only Eiffel's proposal met their requirements. After some debate about the exact site for 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 one and a half million francs toward the construction costs. This was less than a quarter of the estimated cost of six and a half million francs. Eiffel was to receive all income from the commercial exploitation during the exhibition and for the following twenty years.[24] Eiffel later established a separate company to manage the tower.