City Council unanimously approved an agreement with VyStar Credit Union on Tuesday that will replace “Jacksonville” with “VyStar” on signage and other materials related to the city’s Veterans Memorial Arena.
The 43-page, 15-year exclusive agreement also gives Vy-
Star rights to signage inside the building; to include its logo or name on apparel worn by arena staff and concession supplies such as cups and napkins; and telephone and correspondence greetings used by arena operators and support staff.
Under the agreement, the credit union also has the right to operate VyStar ATM machines at the arena, Times-Union Center for the Performing Arts, Ritz Theatre and Museum and the Prime Osborn Convention Center.
In exchange, VyStar will pay the city a $525,000 license fee the first year and match, up to $50,000 per year, donated funds collected at the arena and deposited into the arena concession veterans’ donation program.
VyStar’s licensing fee and its other annual contributions escalate 3 percent per year under the terms of the agreement. The license fee will increase to $794,110 in 2033.
The city will donate 10 percent of the annual license fee to the Veterans Memorial Arena Trust Fund, to be used to support programs and initiatives for veterans.
In addition, VyStar will contribute $50,000 for a new veterans memorial monument and $80,000 annually to support quarterly veterans events at the arena.
The agreement includes benefits for military veterans and VyStar Credit Union members, such as inclusion in venue ticket presales and a 10 percent discount on concession stand purchases, parking fees and event tickets when allowed by the promoter when using a VyStar credit or debit card.
The agreement includes a “Major League Preemption” that provides that if a team of the National Basketball Association or National Hockey League becomes a primary tenant of the arena during the term of Vy-
Star’s licensing agreement, the agreement would be subject to renegotiation.