MOSCOW, Idaho – The University of Idaho has named its new basketball arena.

It will be called the Idaho Central Credit Union Arena thanks to the significant gift the credit union made toward the project. School and credit union officials made the announcement on Thursday. They will celebrate the partnership at halftime Thursday night during the Vandal men's basketball game against Sacramento State.

University officials said the 62,000-square-foot, 4,200-seat arena will be a one-of-a-kind engineered wood structure. It will highlight Idaho's wood products industry and providing a unique home for U of I's basketball programs as well as other activities. Officials said the $45 million project already has financial support from the Associated Students of the University of Idaho, the U of I Alumni Association and the U of I Foundation.

University leaders said for its $10 million gift, ICCU will have the naming rights to the arena for 35 years. The arena will be built on the north side of the ASUI-Kibbie Activity Center. School officials said the groundbreaking will occur when funding for the entire project is secured. Currently, $34 million has been raised toward the project.