BANGOR — A local insurance agency bought the naming rights to a new arena in Bangor that is scheduled to open next year.

The arena will be known as Cross Insurance Center under a $3 million, 15-year agreement between the city and the company.

The Bangor Daily News reported that the deal calls for Cross to make quarterly payments of $50,000 for the naming rights, as well as an exclusive 12-month renegotiation period 12 years into the deal that allows Cross to extend its contract by as many as 10 years.

The $65 million, 5,800-seat arena and events center is expected to officially open on Labor Day weekend in 2013.

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