Lincoln's new arena in the West Haymarket area will be named Pinnacle Bank Arena. Mayor Chris Beutler, Pinnacle Bancorp Chairman Sid Dinsdale and Pinnacle Bank President Mark Hesser announced the naming rights agreement at a news conference this morning at the Lincoln Chamber of Commerce. A scale model of the arena with the new name also was unveiled, and it will be on display at the Chamber office, 1135 "M" Street, through December.
With approval of the agreement by the West Haymarket Joint Public Agency (JPA), Pinnacle Bank will pay a base fee of $11.25 million to be the exclusive title sponsor of the arena for a term of 25 years. In addition to the base fee, Pinnacle Bank will pay $20,000 for each year the arena serves as a site for one or more state high school tournaments in volleyball, basketball or wrestling.
"Pinnacle is a top-notch Nebraska company, and we are excited that the Pinnacle name will now be associated with Lincoln's new top-of-the-line arena," said Mayor Beutler, who also serves as chair of the JPA. "Residents of Lincoln and Nebraska can take pride in this agreement, which demonstrates the commitment of all parties to excellence. This long-term partnership is a positive reflection of Pinnacle Bank, the new arena and the future of our community."
"Pinnacle Bank has been serving Nebraska and Lincoln for many years, and we are excited to support progress that will have a positive impact on our state and local economy," said Dinsdale. "We are proud to be part of the arena, which will help bring jobs and entertainment to Lincoln and the state for years to come."
The $179 million arena project was approved by voters in May 2010. Pinnacle Bank Arena is expected to open in the fall of 2013. UNL basketball will be the main tenant of the 470,400-square-foot facility, which can hold nearly 15,000 fans for Husker hoops.
As the exclusive sponsor of the arena and arena site, the new arena website will be named PinnacleBankArena.com. (The current website - HaymarketNow.com - also will be in effect until the end of construction.)
The agreement also calls for Pinnacle Bank to receive:
"Since the inception of the West Haymarket Joint Public Agency, we have worked very hard to promote the entire West Haymarket project as a public-private partnership," said JPA member and NU Regent Tim Clare. "We are excited about our new partner, Pinnacle Bank, joining our team and partnering with us, as Pinnacle Bank is an outstanding, statewide organization that has benefitted Lincoln and the entire state of Nebraska. We are looking forward to working with them in the years to come."
"This will be visible proof of Pinnacle Bank's commitment to Lincoln. However, their commitment to the community has roots much deeper than this particular event," said Wendy Birdsall, Chamber of Commerce President. "It should be noted that Pinnacle has been investing in our community for many years and has been a strong partner for growth and prosperity for decades. We are excited that this will help solidify that legacy as a major partner in Lincoln's future."
Pinnacle Bank's title sponsorship will be the largest partnership for the arena. Other naming rights opportunities inside the arena are available for areas such as the box office, premium level and club lounge. The agreement between the West Haymarket JPA and Pinnacle Bank was reached through a collaborative effort among the City of Lincoln, Pinnacle Bank and Legends Sales & Marketing. Ben Wrigley, Vice President of Project Development with Legends, brokered the deal.