Wednesday, July 17, 2019

Credit Union buys primary naming rights to Idaho Falls event center

An artist's rendering of what the event center might look like.
The Idaho Falls Auditorium District announced on Tuesday a new long-term partnership with Mountain America Credit Union that includes naming rights to the long-anticipated facility.

"Partnerships of private enterprise and government are absolutely necessary in order to make projects the size of this one a reality,” said IFAD Board Chairwoman Terri Gadzik in a press release. “They have stepped up to the plate to help the event center team change the face of the economy in eastern Idaho forever."

Mountain America has purchased the primary naming rights to the Mountain America Center for $4.5 million. The credit union has more than 840,000 members throughout five states, including 15 branches in Idaho, and has reported $9 billion in assets. Previously, Mountain America purchased naming rights to the Mountain America Performing Arts Centre in Sandy, Utah, where its headquarters are located.

The total cost of the Idaho Falls project has been estimated at $62 million. No date for groundbreaking has been announced, but infrastructure is being built on Event Center Drive at Snake River Landing, which has donated the land. IFAD has posted a $10 million private fund-raising goal, of which Mountain America's contribution represents 45 percent.

The district reported $11.7 million in assets at the end of May, including more than $10 million in its accounts. It has raised $12 million from a 19 percent hotel bed tax, which voters approved of in a 2011 vote. Certificates of participation, a lease-financing tool, will allow the district to sell shares of the event center’s lease revenues.

The center has been envisioned as the home for a new Idaho Falls minor league hockey team and also a venue for concerts, sporting events, conferences, and other community events. The design of the 48,000-square-foot venue features an arena with seating for up to 5,500 people and a state-of-the-art convention center with flexible configurations.

As naming rights partner, Mountain America’s branding will be visible throughout the facility, with Mountain America Center prominent on the interior and exterior of the building, including a digital marquee sign along the freeway. Additional naming rights opportunities are available inside the facility.

“IFAD is committed to delivering an event center to the Idaho Falls community,” said Rob Spear, IFAD's executive director. “Today Mountain America provided us with the financial momentum needed to move this project forward.”



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