University of Idaho President Chuck Staben announced the proposed basketball arena will be named after the Idaho Central Credit Union (ICCU) Thursday afternoon.
Staben said in exchange for the facility being named the ICCU Arena, the credit union will donate $10 million to the university aiding in building costs. The arena is expected to cost approximately $45 million. About $11 million is still needed to reach the goal. Staben said the remaining amount will come from fundraising efforts by the university.
The $10 million comes with conditions, however. The money can only be used for building costs and must be returned if the arena is not built.
Much of the arena will be made of wood and will showcase Idaho timber, Staben said. The building is projected to be finished by spring 2021, just in time for basketball season.
Staben said for the university to get permission to start construction from the state board, $40 to $45 million will need to be raised as proof that the building can be completed. Staben said the building of the arena will free up space around campus because it will give the basketball teams a constant place to play. The arena will have basketball courts, coach offices and locker rooms.
ASUI President McKenzie MacDonald said the arena could also be used for a variety of other events like concerts, lectures and other sporting events.
“It’s always a great day to be a Vandal but today, especially,” said UI athletic director Rob Spear.
Kali Nelson can be reached at firstname.lastname@example.org or on Twitter @kalinelson6