(CBS) The University of Illinois’ home for basketball has a new name.

The building formerly known as Assembly Hall will now be called the State Farm Center, the school announced Monday.

The deal between Illinois and State Farm is worth $60 million over 30 years.

Next spring, plans are in place for the State Farm Center to begin a $160 million renovation plan.

“When you can check this off the box and it is a big one that certainly puts you in position to move along in a timely manner,” Thomas told the Tribune.

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