Widespread rumors over name change and whether the name of the RP Funding Center would change could be settled if Lakeland Commissioners agree to a proposed deal to keep it.
Lakeland officials have publicized they were in negotiations with several companies for the naming rights last year.
A new five-year contract with Mortgage Lenders Investment Trading Corporation, publicly known as RP Funding, will go before city commissioners Tuesday.
The proposed deal gives RP Funding the naming rights to the RP Funding Center for five years, from October 2022 to Sept. 20, 2027, in exchange for $250,000 annually. This is $100,000 more per year than the prior agreement and is expected to net $1.25 million for the center.
The Lakeland City Manager said the new contract builds on Lakeland’s direct relationship with RP Funding. The proposed deal will allow the city to maintain the naming rights to the individual sections and rooms within the center, including the Jenkins Arena, Youkey Theater, Sikes Hall, the box office, and other rooms. This gives the city an opportunity to sell naming rights to these areas to other corporations to provide a stream of revenue.