The ground has been broken and crews are itching to starting construction of the city's new events center. On Thursday, the city formally announced its title sponsors for the facility and revealed the details of the deal that may help quiet some nay-sayers.
"The name as proposed will be the Denny Sanford Premier Center," said community development director Darrin Smith.
Sanford Health, First PREMIER Bank and PREMIER Bankcard have united their efforts in supporting the new events center.
Although the ground work has only just begun, the Denny Sanford Premier Center is already being heralded as a first class facility for the community, state, and region.
"The total financial commitment as proposed by the title sponsors is $20,750,000 for a term of 25 years." Said Smith.
That comes out to $750,000 each year. A sum that will almost guarantee the facility operates in the black. On top of that, Sanford has donated $2 Million to purchase scoreboards throughout the center.
"We want to celebrate today, we want to be relieved at the knowledge that the bottom line risk and the loss could be incurred has been found a buoy, a safety net by this donation, this investment in this events center." Said Kelby Krabbenhoft, CEO of Sanford Health.
It's a very lucrative deal, compared to other nearby venues, this deal is almost more than the combined naming rights fee for Pinnacle and INTRUST Bank Arenas.
PREMIER Bankcard CEO Miles Beacom says the group chose to make the investment, first to honor T. Denny Sanford for his contributions to Sioux Falls and the state of South Dakota. And second, to find away to give back the community and ensure Sioux Falls continues to grow.
"The impact of the events center, the impact of that will be phenomenal not only for next year or the following, or following year, the impact will be felt for generations to come," said Beacom.
The project won't just spring up overnight, the construction is expected to take 24 months to complete with the first act coming sometime in 2014.
In addition to the Events Center getting named, the entire complex will be re-named Sanford Place. The Sioux Falls Arena and Sioux Falls Convention Center keep their individual names but the entire complex is now known as Sanford Place.