WARWICK, R.I. (WPRI) — Warwick officials on Monday announced who had the highest bid to win the naming rights of the “City Hall Plaza” outdoor skating rink.

According to Mayor Frank Picozzi, Greenwood Credit Union will enter into a five-year contract with the city after winning with a $300,000 bid.

Picozzi announced the city’s plan last year to build an outdoor ice skating rink, modeled after the rink in Providence, on the land of the former Annex Building located behind city hall.

The city has a budget of $8 million for the project, which has been a vision of Picozzi’s since he was sworn into office.

“We have a lot of goals with this. This area has pretty much been down and out for years, we’re going to revive it,” Picozzi said. “I know businesses are going to want to come here because of the amount of people that are going to be here. Greenwood is just down the road with a lot of restaurants. This is going to help Warwick’s economy.”

The Warwick City Council unanimously approved the bid Monday night. Picozzi said the building process will take about a year and a half.