A Washington home improvement company will pay $450,000 to place its name on the Peoria Civic Center Theater through at least the end of 2029.
That's according to the terms of the deal struck between Prairie Home Alliance and the Peoria Civic Center Authority. WCBU obtained the paperwork through a Freedom of Information Act request. Representatives of neither entity would disclose the financial terms of the deal at a press conference earlier this month.
The deal calls for Prairie Home Alliance to pay $45,000 up front. The company will also make payments of $7,500 a month from March through August, for a total of $90,000 in 2025. Payments of $90,000 annually are due in calendar years 2026-2029.
The deal automatically renews in 2030 and 2031 under the same parameters, but either party can opt to terminate that with at least 60 days notice before the initial term ends.
The deal is worth $630,000 if both parties agree to continue it through the end of 2031.
In addition to naming and signage rights, Prairie Home Alliance also becomes the exclusive provider of home improvement goods and services allowed to advertise or do promotional activities related to the theater.
The Civic Center can terminate the naming rights deal with 30 days notice if another home improvement company named in the agreement, like Lowe's, Menards, or Renewal by Andersen, buys the naming rights to the arena or the whole venue.
This is the first time the Civic Center has sold the naming rights for its theater. Other areas of the venue, like the Toyota Box Office and Lexus Club, also sport sponsored names, but a naming rights deal for the full Peoria Civic Center has proven elusive despite attempts to sell them. The arena is named after Peoria Mayor Dick Carver in perpetutity.
