The $358 million Cornerstone Community Federal Credit Union in Lockport, N.Y.,signed a 12-year agreement last week for the naming rights to a new93,500 square-foot community sports arena.

Set to open in September, the $13 million Cornerstone CFCU Arenawill house two NHL regulation-size rinks, a pro shop, a performancetraining center and seating for 630 spectators. In addition tocompetitive hockey, the facility will be used for training, figureskating, open skate and opportunities for those with physical ordevelopmental disabilities and special needs. The rinks also willbe equipped to accommodate sled hockey.

Additionally, the new arena will feature 5,000 square feet ofretail space, including food service, a performance training centerand a community room.

It's estimated that annual skater and spectator traffic willexceed 150,000 by 2015, according to a Cornerstone CFCU prepared statement.

The agreement provides Cornerstone CFCU exclusive exteriorfacility naming rights, interior and exterior signage, an on-siteATM and use of the facility on select Cornerstone membernights.

Financial terms of the deal were not disclosed, said Ann M.Hood, president/CEO of Cornerstone CFCU.

“The Cornerstone CFCU Arena will be a lasting community resourcethat will anchor the ongoing rebirth of the Erie Canal corridor indowntown Lockport and improve the lives of residents throughoutNiagara County for decades to come,” Dave Nemi, chair ofCornerstone CFCU board of directors, said. “Cornerstone hasinvested in our community for more than 50 years, and this arenawill build on our legacy by contributing construction jobs in theshort term and a substantial growth in tourism and hospitality overthe long term.”