First PREMIER Bank, PREMIER Bankcard and Sanford Health have teamed up as the title sponsors of the new Denny Sanford PREMIER Center.
The three companies will pay a combined $750,000 a year for the next 25 years to the city for the sponsorship. The money will go toward operating costs to help ensure the new facility will have a solid financial future.
Executives for all three companies said they wanted to ensure that the new events center was successful for years to come. That's why they were willing to give more money than the city had expected for the main title sponsorship.
"They cared enough about our city to create what our consultant deems as one of the best naming rights deals in recent history," Sioux Falls Mayor Mike Huether said.
"We want to celebrate today,” Sanford Health C.E.O. Kelby Krabbenhoft said. “We want to be relieved with the knowledge that the bottom line risk and loss that could be incurred has been found a buoy, a safety net, by this donation, by this investment in this events center.”
On top of that, Sanford Health will make an upfront donation of $2 million to equip the entire center with video boards inside and out.
Originally executives from the three companies said Denny Sanford did not want his name on the building, but they thought it was important to recognize the philanthropist for the contributions he's made to the state.
"There is no one who is more invested in this state, that is more invested in the people. There is no one who is more invested in the future of South Dakota than Denny Sanford and this is our way of honoring him for that inspiration," First PREMIER Bank C.E.O. Dana Dykhouse said.
City officials and business leaders say it’s also way to make sure the building that is under construction right now will be a benefit for the community for decades.
"There were different opinions. There were different ideas, different concepts, but at the end of the day, as we always do in Sioux Falls, we came together to provide this community a facility that will make all of us proud," Dykhouse said.
The entire events center, Sioux Falls Convention Center and Sioux Falls Arena complex will be called Sanford Place.
Both Sanford and PREMIER will get a suite, 20 club seats inside the building and several VIP parking spots.
Each company will also be allowed to use the events center one night a year rent free.
Click on the video player below to watch the entire announcement.