Idaho Central Credit Union paying $10 million for naming rights to new UI arena

The new basketball arena the University of Idaho is planning to build will be called the Idaho Central Credit Union Arena, the school announced during a news conference Thursday afternoon at the Kibbie Dome.

The Idaho Central Credit Union will pay a lump sum of $10 million for 35 years of naming rights to the proposed basketball arena project, according to a UI news release.

ICCU is headquartered in Chubbuck, Idaho, and first opened in 1940. The credit union has 33 locations across the state.

The proposed 62,000-square-foot, 4,200-seat arena is expected to cost $45 million. The school said in a news release that $34 million has been raised toward the project. Groundbreaking will occur when funding for the entire project is secured, the school said.

For more on this story, see Friday's Daily News.