The doors of the new Sioux Falls Events Center won't open for two years, but city leaders say they plan to have the naming rights sold by the fall.
As Sioux Falls residents learn more about what the Events Center will look like, city leaders are looking to name it. The city is now officially taking letters of interest from companies who want to buy the building's name.
"At the end of the day, this is a business process. It's a negotiation. And when it's all said and done, it will amount to a business transaction. So we need to treat is as such," Director of Community Development Darrin Smith said.
The city isn't looking for specifics from businesses just yet. That will start to take shape after city leaders meet one-on-one with all the interested people next month. However, an analysis says the contract should reach 25 years and equal about half a million dollars each year.
"We believe demand for this facility will allow us to exceed that," Smith said.
City leaders say getting the naming rights secured as soon as possible is important because as soon as that name is secured, the value begins.
"The sponsorship and the payments associated with that sponsorship do not wait until the front doors open. That sponsorship will be effective and go into effect immediately," Smith said.
That's why this process is starting now, in hopes of having a name for the building approved by the time ground breaks this August.
While the city is taking letters of interest from anyone, it is also seeking out businesses it feels would be a good fit. However, it is not making that list public.