Duke Energy Center for the Performing Arts will soon be renamed Martin Marietta Center for the Performing Arts.
Raleigh-based company Martin Marietta Materials is a public supplier of construction and heavy building materials with 500+ facilities in 28 states, Canada, and the Bahamas.
City Council approved the name change after a public hearing on Tuesday evening. In exchange for naming rights, Martin Marietta will pay the city $518,000 per year with a 3% increase annually for 20 years — a price tag that adds up to nearly $14 million. The deal is eligible for two, five-year extension terms.
This additional funding for the Performing Arts Center will be used for items like uniforms, advertising, and repairs. Most of the revenue ($316,200) will be kept in reserves.