With the quick swoop of pen, Sioux Falls Mayor Mike Huether signed the $20 million naming rights agreement for the Denny Sanford PREMIER Center. The signature is more than a year in the making.
"I know that there were times that, along this naming rights journey, that we were scrutinized for this or scrutinized for that, but ultimately the process worked," Huether said.
It worked out to be a 25-year deal. Sanford Health, First PREMIER Bank and PREMIER Bankcard will pay $750,000 each year. It also names the entire area including the current arena and convention center as the Sanford Place. But, it also allows for more sponsorships inside the new center.
"There will be a whole list of opportunities for the community and we thought that was important. That is something that is unique in this agreement and something we're inviting everybody to participate," Dana Dykhouse of First PREMIER Bank said.
City officials believe the payments will cover operational costs when the doors open in 2014.
"It will be one incredible events center that we're going to have open to the public in two years. We are very excited about this partnership and we can't wait until that first band will be here," Miles Beacom of Premier BANKCARD said.
The final proposal also gives Sanford and PREMIER exclusive rights to name the building for life beyond the 25-year agreement. But for now, this celebration is all about the this $20 million deal.
The Sioux Falls City Council unanimously approved the agreement. A hired firm will begin working with the city next month to set prices and find additional sponsorships for inside the building and for premium seating and suites.