Monday, October 27, 2014

SECU Foundation to Pay $1.5 Million for Naming Rights to Asheville Plaza

The Asheville Art Museum is seeking approval from Asheville City Council to sell the naming rights of its outdoor plaza in the heart of downtown to the North Carolina State Employees’ Credit Union Foundation.

The tentative deal calls for renaming the public space at the corner of Biltmore and Patton Avenue “SECU Plaza.” The SECU Foundation would pay $1.5 million to the museum in exchange for the designation and an accompanying sign.

Council will consider the naming rights proposal at its October 28 meeting. A report from city staff recommends that Council approve the request, noting: “This naming rights opportunity will assist the Art Museum in raising the funds it needs.”

If approved, the “SECU Plaza” name would apply for the entirety of the museum’s current 30-year lease with the city.

Earlier this year, SECU Foundation bought the naming rights to a state-of-the-art education center at the NC Museum of Arts and a memorial walkway around the Battleship North Carolina.

Update: Asheville City Council unanimously approved the deal on October 28.

Read the story.

Read the staff report.

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