The Centrepointe Theatres will soon have a new name.

The City of Ottawa has finalized a 15-year-deal to sell the naming rights to the facility to Meridian Credit Union for $975,000.

A City Committee will vote next week on the proposal to change the name of the Centrepointe Theatres to “Meridian Theatres at Centrepointe.” Under the deal, the city would receive $65,000 a year to name the theatre facility after Canada’s fourth largest credit union.

City Staff recommend using $200,000 of the sponsorship revenue for capital and operating improvements at the theatres.  That would include enhancing the quality of presentations by local emerging artists who appear in the Studio Theatre. There would be changes from incandescent to LED lighting.

The Centrepointe Theatres is part of Ben Franklin Place on Centrepointe Drive.