Sioux Falls has entered a rich new world.

Director of Community Development Darrin Smith said, "We're here today to sign and make official the naming rights agreement."

The new $115 million events center is now officially the Denny Sanford PREMIER Center. On Monday, the agreement was signed between Sioux Falls, Sanford Health, PREMIER Bank and PREMIER Bank Card.

Officials say the$20.75 million deal over 25 years is unlike any other of it's kind. The reason? Those involved in the agreement are allowing other companies and individuals sponsorship opportunities.

Construction began last month. During the construction process, the city hopes to sell other sponsorships, such as luxury boxes. The grand opening is expected by fall 2014.