MOSCOW - The new basketball arena planned for the University of Idaho's Moscow campus will be called Idaho Central Credit Union (ICCU) Arena, the unversity announced on Thursday.

Officials say Idaho Central Credit Union contributed $10 million toward the $45 million project. The credit union will have naming rights to the arena for 35 years.

“This wonderful donation from Idaho Central Credit Union to our arena campaign is a game-changing investment for this project, for our university community and for Idaho,” said U of I President Chuck Staben, in a statement. “The naming gift puts us that much closer to completing a stunning facility that represents Idaho excellence.”

The 62,000-square-foot, 4,200-seat arena will be home to U of I's basketball programs as well as other university activities. Officials said it will be "a one-of-a-kind engineered wood structure, highlighting Idaho’s wood products industry."

The arena will be built on the north side of the ASUI-Kibbie Activity Center. Groundbreaking will occur when funding for the entire project is secured. The university says $34 million has been raised toward the project so far.

“The arena project has been a long time coming," athletic director Rob Spear said. "This arena will bolster the student-athlete experience and create an exciting environment for future generations.”