Florida A&M christened its new, $40 million men’s and women’s basketball arena with a ribbon-cutting ceremony last week. The Florida A&M University Multipurpose Center and Teaching Gym will also be used for the school’s graduation ceremonies. The first event in the new building will be commencement on May 3.

The 135,000-square-foot facility includes updated locker rooms, separate offices for head coaches and assistant coaches, a weight room with modern equipment, classrooms, a dance studio, computer rooms and seating for more than 9,500 fans.

“During my tenure as president, I watched this building evolve and I must say that I am very pleased with the results,” said President James Ammons. “This is a fine facility that the university is very proud to have on its campus.”

The same day the arena opened, Ammons presented a five-year plan to the school’s trustees delineating a strategy for eliminating the athletics department budget deficit by 2013-14. The plan includes increased income from student fees due to increased enrollment and a 5 percent athletics fee increase and annual increases in gate receipts, football guarantees, season tickets and classics.