The Allen City Council voted unanimously in favor of a resolution authorizing the city manager to execute a $2.2 million sponsorship contract between the Allen Event Center and Credit Union of Texas (CUTX).
This agreement stipulates a name change for Allen Event Center, effectively changing it to “Credit Union of Texas Arena.”
According to council documents, CUTX will pay seven annual installments of $325,000 to Allen Parks and Recreation starting on Oct. 15 and ending on Oct. 14, 2028.
In exchange, the Allen-headquartered credit union will have rights over indoor and outdoor building signage, “personal banking sponsor exclusivity,” marquee signage including that of the Village At Allen video billboard on US-75 and a single reserved box suite for all ticketed events hosted at the event center.
Other sponsor benefits codified into the agreement include exclusive use of the event center for one weekend per year at the expense of CUTX until 2028 and further digital advertising opportunities.
The sponsorship contract dictates that the Allen Event Center’s sponsorship agreement with Randolph-Brooks Federal Credit Union, which is slated to expire on Oct. 14, shall not be renewed in the interest of sponsorship exclusivity.
After the council voted 7-0 in favor of this agreement, Councilman Baine Brooks gave public comment in which he praised CUTX for its involvement in the community. The comment was met with applause from the gallery and followed with a concurrence from Mayor Ken Fulk.
“They’ve come in, and they’ve just really engaged themselves in our community,” Brooks said. “Kudos to Credit Union of Texas. Thank y’all for coming to town and exceeding our expectations.”
Opened in 2009, the Allen Event Center has been a key facility in the city’s economic development. In addition to hosting home games for the Allen Americans ice hockey team, it has also been host to galas, conventions and ceremonies. Furthermore, it has been nationally recognized for its utility as a concert venue, having staged performances from artists such as B.B. King, Peter Frampton, Twenty One Pilots, Bryan Adams, Kane Brown, Lenny Kravitz, Judas Priest, The Doobie Brothers, Hall and Oates, The Oak Ridge Boys and Buddy Guy.