A city committee Thursday approved a plan to give Meridian Credit Union the naming rights to Centrepointe Theatre in deal worth nearly $1 million.
Meridian will pay the city $65,000 annually for the next 15 years in exchange for having its name on the arts facility in the former city of Nepean, which will become known as Meridian Theatres at Centrepointe. There will be an option to extend the agreement, which is valued at $975,000.
Under the deal approved by the community and protective services committee, $200,000 will go towards capital and operating improvements at the theatres, including cultural programming and support for local arts groups that rent the facility. The remaining $775,000 will be used for sponsorships and advertising.
Centrepointe Theatre, which opened in 1988, has two stages with a total capacity of about 1,150 people. Meridian, the fourth-largest credit union in Canada and largest in Ontario, has three branches in Ottawa.
The plan will now go to full council for approval next Wednesday.