Sacramento company will pay $23 million to put its name on two major downtown venues
Sacramento’s downtown convention center and performing arts theater will have new names over the door when they reopen next fall after major expansion projects.
SAFE Credit Union, a longtime Sacramento-based financial services company, has agreed to sign a $23 million partnership with the city that includes putting the SAFE name on both facilities, officials announced Thursday.
The 25-year agreement is expected to be formally approved by the City Council on Tuesday. City officials said the deal will help them finance the massive overhaul and expansion underway at both facilities.
Sacramento Mayor Darrell Steinberg said the deal “is another signal that Sacramento is healthy and on the rise. The willingness of a major business to step up allows us as a city to accomplish more things.”
The remodeling work is being financed mainly by up to $350 million in city bonds backed by the city’s transit occupancy or hotel tax. The modernization project includes a recently finished refreshing of Memorial Auditorium, the city’s historic event center on J Street at 15th Street.
Community Center Theater shows have been relocated to the Memorial Auditorium until an expanded theater reopens next fall with the new name of SAFE Credit Union Performing Arts Center. The renovation of the theater includes an expanded lobby, better disabled access and improved aesthetic appeal.
The convention center expansion includes a new east facade and entrance on 15th Street near K Street, new meeting rooms and exhibit halls, additional lobby space and kitchen facilities. The city hopes to get another convention hotel built as well on 15th street.
The city chose SAFE for a business partnership after announcing two years ago it would market naming rights of the two facilities in hopes of landing added income.
“SAFE Credit Union was deemed to offer the best value to the City, both financially and in terms of their ability to partner with the City and the local community,” a city press release read.
SAFE Credit Union is a financial services company with 235,000 members that has been in business in the Sacramento region since 1940. The company offers mortgage service in the East Bay as well.
SAFE chief executive Dave Roughton said the deal with the city will allow the company to expand its presence in the region and increase awareness of its services.
The expanded convention and performing arts centers “will draw more investment and create a healthier businesses community” in Sacramento. “We all benefit from that prosperity, including SAFE. As we grow, we can invest in our membership.”
The deal with the city includes an agreement that the city will include SAFE as an investment institution for city funds. In turn, SAFE will invest a percentage of that money in programs that benefit city residents. The city also will advertise SAFE’s financial services to new city employees.
The deal also gives SAFE the right to name a new plaza to be constructed adjacent to the convention center and theater.