The Hamilton Place theatre will soon be known as the FirstOntario Concert Hall.

The credit union will pay $2.5 million over 10 years for the naming rights to the theatre. It's similar to the credit union's 2014 arrangement to have its name on the former Copps Coliseum.

The arrangement releases the Ron Joyce Foundation from its agreement to contribute $200,000 per year in capital improvements to the Hamilton Place theatre. With that donation, the building was called the Ronald V. Joyce Centre. The annual donation started in 1998 and included an initial up front payment of $1.2 million. That deal, which expires in October, meant the foundation contributed a total of $4.6 million.

Scott Warren, spokesperson for Spectra Venue Management (formerly Global Spectrum), told city councillors Wednesday that Joyce is happy to give that annual donation to another cause. And Joyce, he said, was never that interested in having his name on the building.

The current Hamilton Place with the Ronald V. Joyce Centre. (Samantha Craggs/CBC)

"We were able to work out arrangements to allow this name on the venue, and (the foundation was) very satisfied as well," he said.

Spectra has naming rights to the building under a March 1, 2013 management agreement to operate Hamilton Place.

FirstOntario already pays $3.5 million over 10 years to have its name on FirstOntario Centre.