BROOKINGS – The South Dakota State University Foundation announced today that it has received a $5 million matching gift from an anonymous donor to assist in the fundraising efforts for the renovation of Frost Arena. Following the renovation, the building will be named First Bank & Trust Arena.
“This is a wonderful gift and an opportunity for others to invest in the future of this historic venue that has served so many roles at SDSU,” said Director of Athletics Justin Sell. “There has been tremendous momentum for this project in the past few months and every gift is one step closer to our fundraising goal. We could not be more excited about where we stand today as we continue down a path to renovate Frost Arena into a world-class venue.”
Starting today, all financial commitments to the project will be matched dollar for dollar by the anonymous donor. Once the $5 million total has been met, this challenge match will be fulfilled. In September, First Bank & Trust announced its $20 million lead gift to secure naming rights for the facility and an anonymous donor provided an additional $10 million in November. To date, many families and businesses across South Dakota have contributed generously to this project. The total cost of the renovation is estimated to be just over $50 million.
“Frost Arena has been part of this university for decades, supporting many departments and programs across campus,” said SDSU President Barry Dunn. “We are excited about the possibility of First Bank & Trust Arena and what it will mean for Intercollegiate Athletics, but also commencement, concerts, lectures, conventions, science fairs, exercise science labs and the other events and programs that are part of SDSU and our student experience. Having a world-class venue supports the entire university.”
The South Dakota Board of Regents is expected to take action on the facility design plan this week at its meeting on the SDSU campus. If approved, the project will move to the South Dakota Legislature for final approval.
