City of Allen Parks & Recreation has maintained a partnership with Credit Union of Texas (CUTX) since 2018. CUTX, a 90-year old community-minded entity, which moved its corporate headquarters to Allen in 2019, began their sponsorship investment with the City of Allen Parks and Recreation Department (PARD) with assets at the Allen USA Celebration and then broadened their reach with additional PARD Special Event assets in the past year.

CUTX and City of Allen PARD have continued to develop its mutually beneficial partnership to deepen the relationship even further. Both Parties seek to establish a more robust and prominent partnership which will span seven (7) years and would include all prior PARD events and sponsorships, in addition to the naming rights to Allen Event Center.  The new partnership agreement will increase the monetary investment by the sponsor to the City on an annual basis.

Previous events that will continue to be part of the agreement include the following, which are valued at $70,000 per year and will continue for the duration of the agreement:

• Summer Sounds Concert Series
• Egg-Cellent Family Adventure
• Arbor Day Holly Jolly Celebration
• Rudolph Run
• Holidays on Ice
• Chalk The Walk Allen USA
• Cece the Dinosaur (New)

The Courses at Watters Creek portion of this Agreement include the following, which are valued at $30,000 per year will continue for the duration of the agreement:

• Short Game Practice Area presenting sponsor
• Prominent Driving Range sign
• New GPS Golf Cart Co-Presenting Sponsor (New)

Assets of Allen Event Center which are associated with the naming rights portion of this Agreement include the following, which are valued at $225,000 per year and will continue for the duration of the agreement:

• Exterior building signage
• Outdoor marquee signage, including US-75 Village At Allen video display
• Northwest Concourse entry
• South Concourse entry
• Various interior building signage and digital banners for video display
• Ticket-related opportunities for CUTX employees
• Exclusive use of the arena on a consecutive Saturday & Sunday
• (1) suite for all ticketed events
• Personal Banking sponsor exclusivity within the facility

In addition, the new name for Allen Event Center is proposed to become "CREDIT UNION OF TEXAS ARENA", which refers to only the main arena of the facility and not the Allen Community Ice Rink, which allows for additional branding opportunities.

$2,275,000 sponsorship in seven (7) annual payments of $325,000 will be payable to the city starting on October 15, 2021, and will be credited as revenue to the Parks and Recreation Department.

Staff recommends that the City Council Authorize the City Manager to Execute a Sponsorship Agreement with Credit Union of Texas Including Arena Naming Rights at Allen Event Center through October 14, 2028, in the Amount of $2,275,000. 

I motion to authorize the City Manager to execute a Sponsorship Agreement with Credit Union of Texas including arena naming rights at Allen Event Center through October 14, 2028, in the amount of $2,275,000.