JACKSONVILLE, Fla.–VyStar Credit Union has reached an agreement with the city of Jacksonville on a 15-year, $9.76 million naming-rights deal to rebrand the
Jacksonville Veterans Memorial Arena.
The deal, if approved by the City Council, would rename the facility the VyStar Veterans Memorial Arena.
According to the city, under the agreement VyStar will pay the city $525,000 in 2019, with payments increasing about 3% each year until 2033. The final payment is $794,110.
VyStar also will make a one-time payment of $50,000 to create a new “veteran memorial element” inside the arena during the first year of the contract, the city said. VyStar has also pledged to match donations made at concessions stands, up to $50,000 annually, and will contribute up to $80,000 each year to host quarterly events for veterans inside the arena.
As a result of those programs and the naming rights deal, ultimately VyStar could spend as much as $10.64 million on the deal through 2033. The city said it will place 10% of the naming rights fee into a “Veterans Memorial Arena Trust Fund” to support programs and initiatives for veterans and their families.
Elevating the Brand
“I’ve been at the credit union for just over a year and one of the things we’ve been doing is trying to elevate the brand here in Jacksonville and throughout North and Central Florida,” VyStar CEO Brian Wolfburg told the Jacksonville Daily Record. “We thought that the timing was good with us moving into the Downtown tower, with our name being added to the skyline.”
As CUToday.info reported here, VyStar purchased the SunTrust Tower in July of 2018. The tower, which VyStar purchased for $59 million, is a prominent piece of the Jacksonville skyline. Plans call for the credit union to move to its new corporate headquarters following renovations later this year.
A news release from the mayor’s office said veterans and VyStar members will receive discounts on concessions, tickets and parking at the arena. Veterans also will be able to purchase event tickets before they go on sale to the public.
Signage Changes
The Jacksonville Daily Record said the agreement calls for VyStar to pay for changes to signage, including large exterior signs that will be displayed at the top of the building on all four sides and one above the main entrance on the east side of the arena.
As naming rights sponsor, VyStar is to receive access to one executive suite in the arena, which includes 16 tickets and four parking passes for all public events.
If the city lands an NBA or NHL professional franchise, the agreement would be renegotiated, the Jacksonville Daily Record reported.