(Raleigh) The Carolina Hurricanes have extended the lease for the use of their arena in Raleigh for 20 years, making it valid through the end of the 2043-44 season.

The announcement was made Tuesday, in conjunction with the unveiling of a plan for major renovations and development of the land around the arena into an entertainment district.

The deal also involves North Carolina State University, which uses the arena to host its men’s basketball games and hosts its football games on the field across the parking lot.

Chairman of Centennial Authority, which owns the arena, Philip Isley, called the project “one of the most significant economic development projects in the history of the area.”

The City of Raleigh will invest US$300 million in the project, as will Wake County. The Hurricanes will provide 200 million over five years, 400 million over 10 years and 800 million over 20 years. They will also cover 100% of the expenses for private renovations to the arena, which has served as the Hurricanes’ home since 1999.

“The project will make the PNC Arena a state-of-the-art arena at a fraction of the cost of a new arena,” said Hurricanes President and General Manager Don Waddell.