Jacksonville City Council approves new arena naming rights deal

Jacksonville FL — The Jacksonville City Council is moving forward with a new naming rights deal for the Jacksonville Veterans Memorial Arena which would rename the building the VyStar Veterans Memorial Arena.

Last month, WOKV told you about the proposed naming rights agreement between VyStar and the City for a 15-year period that would ultimately bring in more than $9 Million for the City over that time frame. 10% of the naming rights fee VyStar would pay would go towards a new special trust fund supporting veterans' programs and initiatives. Taking out the money that would go into the trust fund the City would then net more than $8 Million.

Additionally, VyStar agreed to provide matching funds up to $50,000 each year to match funds donated at concession stands in the arena that would go toward veterans causes.

Multiple City Council members tell us the vote was 19-0 during Tuesday night’s meeting.

At this time, its not immediately clear when this new agreement will go into effect.