Regions is also contributing through stadium-connected deals, paying $500,000 per year for 10 years, Tad Snider, executive director of the Birmingham-Jefferson Civic Center Authority said.
There are some discussions with other possible contributors, but not at this time, Snider said.
Protective is an organization with deep ties to the Birmingham community, so their participation is going to add huge value to the project,Snider said.
A ceremonial groundbreaking for the 55,000-seat stadium happened at the Birmingham Jefferson Convention Center on December 13, 2018. Construction is not slated to begin until late summer or early fall.
Although officials say the design phase is moving at a rapid pace, it is not clear whether the stadium will be complete in time for The World Games 2021 and the 2021 UAB football season. Snider said work to prepare the foundation for the stadium should begin this summer.
Jefferson County Commission President Jimmie Stephens says the new stadium will be part of a new skyline that shouts that we are growing and we are innovating. pic.twitter.com/0tNGyk88A6
Like many great things that have happened in Birmingham, this project would not be possible without a number of dedicated partners working together, John D. Johns, executive chairman of Protective, said in an announcement provided at ceremonies on Thursday, April 11, 2019. “The city, county, BJCC, UAB and the business community have all come together to form a collaborative coalition, and that teamwork has been instrumental in pushing this project forward. The fulfillment of this dream confirms that truly amazing things can happen in this community when we focus our energies on coming together to create our future.
Birmingham Mayor Randall Woodfin said the stadium is projected to provide the city with $10 million in additional tax revenue yearly. He said again the money will be going to a Neighborhood Revitalization Fund to restore areas in desperate need.
Jefferson County Commission President Jimmie Stephens says the new stadium will be part of a new skyline that shouts that we are growing and we are innovating.
In Mobile, various marketing agreements have been announced for a stadium planned for University of South Alabama football. That includes $10 million from Hancock Whitney Bank for stadium naming rights.
Protective Life is a nationwide life insurance, asset protection and financial services company with $862 billion of coverage in force and more than 2,700 employees. It has more than 1,500 employees in the Birmingham area at multiple locations.
Corrected: Early versions of this story said Protectives agreement was for 10 years. It is a 15-year agreement. Also, Alabama Power is not currently contributing $500,000 annually to the stadium, as was stated in an earlier version.
Full Size Small Preview Thumbnail April 11, 2019 04:25 PM Eastern Daylight Time BIRMINGHAM, Ala.–(BUSINESS WIRE)–The Birmingham-Jefferson Convention Complex (BJCC) and Protective Life Corporation (Protective) announced today a 15-year agreement for the naming rights sponsorship of Birminghams new multi-use stadium, which will now be called Protective Stadium.
We are excited to welcome Protective Life Corporation as our naming rights partner for the new multi-use stadium, said Tad Snider, Executive Director, BJCC. Protective is an organization with deep ties to the Birmingham community, so their participation is going to add huge value to the project. We look forward to the partnership as we continue the development of Protective Stadium.
Protective is proud to partner with the BJCC to make this stadium a reality. This is more than a stadium – its an opportunity for our community to continue thriving, said Rich Bielen, President and Chief Executive Officer, Protective. We are invested in Birminghams future and remain committed to creating positive local impact – a cornerstone of our companys foundation for more than 110 years. We are honored to continue this mission by supporting this transformational project for our city.
Headquartered in Birmingham with approximately $90 billion in assets, Protective is one of the largest corporations in Alabama and has been providing protection to families for more than 110 years through affordable life insurance, asset protection and retirement products. As one of the industrys leading providers, Protective employs more than 1,500 people in the Birmingham area.
Like many great things that have happened in Birmingham, this project would not be possible without a number of dedicated partners working together, said John D. Johns, Executive Chairman, Protective. The City, County, BJCC, UAB and the business community have all come together to form a collaborative coalition, and that teamwork has been instrumental in pushing this project forward. The fulfillment of this dream confirms that truly amazing things can happen in this community when we focus our energies on coming together to create our future.
Protective joins the BJCC Authority, City of Birmingham, Jefferson County, University of Alabama at Birmingham (UAB) and other corporate partners in funding the new stadium. Because of the private and public partners dedicated to this project, Birmingham will have the ability to host more events, provide diverse entertainment offerings and create continued growth opportunities.
This is an exciting day for Birmingham as we mark an important milestone in the stadiums progress, said Birmingham Mayor Randall Woodfin. With Protective joining as the naming rights sponsor, we are forging Birminghams future together. This allows us to be competitive with other cities in bringing in world-class sporting and entertainment events.
Protectives sponsorship shows their long-term commitment to the city of Birmingham and the region, said Jimmie Stephens, President, Jefferson County Commission. This creates significant momentum in the building of the stadium and is a strong example of public and private partners collaborating to create meaningful impact.
The stadium is expected to be completed in 2021. Schoel Engineering Company, Inc. recently completed the site survey, and Populous is finalizing stadium designs for the $174 million open-air stadium. Relocation of underground utilities and foundational work is scheduled to be underway soon.
Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. The company traces its roots to the corporations flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protectives growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. The companys home office is located in Birmingham, Alabama, and its 3,000 employees are located in offices across the United States. As of December 31, 2018, the Company had assets of approximately $90 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.
The Birmingham-Jefferson Convention Complex is Alabamas foremost convention, meeting and entertainment center. It is home to two exhibition halls offering generous space for trade shows and exhibitions and three entertainment venues including the states largest Arena and Concert Hall. The BJCC campus also includes Alabamas largest hotel in the 757-room Sheraton Birmingham as well as The Westin Birmingham Hotel and the Uptown Entertainment District. For more information about the BJCC, please visit www.bjcc.org.