Name of Moncton's big new arena to be unveiled at invite-only ceremony

The name and logo of Moncton'sdowntown events centre will berevealed at an invitation-only event Thursday afternoon.

The unveiling at the centre will be hosted bythe GreaterMonctonChamber of Commerce,SMGCanada andBrainWorks Razor.

"Without spoiling anything, this will be a world-first for the industry of the naming partner, long-awaited news for our entire region, and a testament to the entrepreneurial spirit of both Greater Moncton and of New Brunswick," the chamber's website states.

The $75 tickets provide access to the event that will include "refreshments, live music, and a champagne toast in the stylish club lounge," the website states.

Naming rights sold by SMG Canada

Naming rights for the building were negotiated bySMGCanada, the private venue management firm hired to run the facility day-to-day.

SMGspokesperson Bonnie Porter would not confirm the name, saying the company wouldn't be saying anything untilthe announcement Thursday.

The city's contract with SMG Canada gives the company the right to sell naming rights for the facility"subject to the prior approval of the city."

Multiple city councillorsdeclined to comment, saying they couldn't reveal what was discussed in private.

MonctonspokespersonAndr Cormierreferred comment about the name to SMG. The name is expected to be approved at a future city council meeting.

SMG retains revenue from selling the naming rights.

Nick DeLuco, the general manager of the facility, said in July that SMG was still in talks with those interested in securing naming rights and that the costwould be comparable to similar agreements in the region.

"It varies, it depends on the term, it depends on what you're looking to do inside (and) outside the building," DeLucosaid of the cost. "You can have a look around at a lot ofnaming-rights deals in the area and can kind of see what we're looking at price-wise."

Uni Financial Cooperation secured the naming rights for Dieppe's planned intergenerational complex with a $1 million contributionto the projectthis year.

Scotiabankcommitted$650,000 per year for 10 years to rename the HalifaxMetro Centre the Scotiabank Centre in 2014.

Moncton's 8,800-seat arena is set to officially open with a ribbon-cutting Saturday at 10 a.m. followed by an open houseSaturday and Sunday.

The $113-million arena and outdoor plaza has been billed as a driver of downtown redevelopment, replacing the old Highfield Square mall.

Several aspects of the city's funding plan for the events centre are not yet settled.

In July, CBC revealed city taxpayers may be on the hook after Downtown Moncton Centre-ville Inc. told the city last year it likely couldn't meet its commitment to make payments of $250,000 a year for 15 years.

The city is also still raising money as part of a $5 million fundraising campaign.

Fundraising still underway

Last year, the city hired a consultant to help carry out the fundraising. A staff report to council at the time said the campaign's target would be the end of June this year.

However, the campaign was officially launched in May when the city announced itsecured $1.6 million in commitments. No further updates on the fundraising have been provided since then.

The events centre will host the Moncton Wildcats hockey team. The Moncton Magic remain in talks to sign a contract with SMG to move to the events centre for the basketball team's coming season.

Last month, city council agreed to subsidize the teamup to $330,000 if it sustained financial losses by moving to the events centre.