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RALEIGH, N.C. (WNCN) — City residents will have an opportunity on Tuesday to share their thoughts on a proposed agreement that will rename the Raleigh Convention Center under a long-term naming rights deal with Atlantic Union Bank.
The Raleigh City Council is scheduled to hold a public hearing during its afternoon session to receive public comment on the proposal, which would rename the venue the Atlantic Union Bank Convention Center.
The convention center, located at 500 S. Salisbury Street, would carry the proposed name for an initial term of 15 years. The agreement also includes options for two additional five-year extensions.
In exchange for the naming rights, the Virginia-based bank is set to pay the city $525,000 during the first year of the deal. The annual fee would increase by 2% each year throughout the initial term.
According to Raleigh officials, if the city council approves the proposal, the city and Atlantic Union Bank will enter into a formal written agreement outlining the term length, naming rights fee and other responsibilities of both parties.
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The discussion comes as the Raleigh Convention Center prepares for a major expansion project. Plans call for nearly 300,000 square feet of additional space and an extension of the facility into the current site of Red Hat Amphitheater.
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Construction on the expansion is expected to begin later this year and be completed in 2029.
The Raleigh Convention Center hosts a variety of events throughout the year, including conferences, concerts and high school graduations.
Tuesday’s public hearing will take place during the Raleigh City Council’s afternoon session, which begins at 1 p.m.
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