Raleigh’s convention center could soon roll out a new corporate identity, with a Richmond-based bank offering a steady stream of cash in exchange for naming rights to the downtown venue.
Atlantic Union Bank is the suitor, and under a proposal headed to the Raleigh City Council, the building would be reintroduced as the Atlantic Union Bank Convention Center. The deal would send more than half a million dollars a year to the city, if approved.
Deal Terms And Upcoming Hearing
Under the proposed agreement, Atlantic Union would lock in naming rights for an initial 15-year term, with the option for two additional five-year extensions. The annual naming fee would start at $525,000 and rise by 2% each year, according to the City of Raleigh.
The city’s public notice says the hearing will begin at 1 p.m. on Tuesday, June 16 and lists the convention center’s address as 500 South Salisbury Street in downtown Raleigh.
Who Would Get The New Name?
The bank behind the bid is Atlantic Union Bank, a Richmond-headquartered lender that has been expanding into North Carolina. As first reported by Axios, the proposed rebrand would put the Atlantic Union Bank Convention Center name on the building if the council signs off…