The idea of a new basketball arena to replace the Wolfpack's longtime home, Reynolds Coliseum, first emerged in the 1980s under the vision of then-Wolfpack coach Jim Valvano. In 1989, the NCSU Trustees approved plans to build a 23,000 seat arena. The Centennial Authority was created by the North Carolina General Assembly in 1995 as the governing entity of the arena, then financed by state appropriation, local contributions, and University fundraising. The Centennial Authority refocused the project into a multi-use arena, leading to the 1997 relocation agreement of the then-Hartford Whalers, who would become the Carolina Hurricanes. Construction began that year and was completed in 1999 with an estimated cost of $158 million, which was largely publicly financed by a Hotel and Restaurant tax. The Hurricanes agreed to pay $60 million of the cost, and the state of North Carolina paid $18 million. As part of the deal, the Hurricanes assumed operational control of the arena.