( Cincinnati, OH) - Update: The NCAA Tournament bid is contingent on U.S. Bank Arena completing it's proposed $200 million renovation in time. 

Director of Marketing Sean Lynn says, "We continue to have great conversations with the city and county. While there are no detailed commitments right now, all parties are very motivated to find a solution"

The arena unveiled it's renovation plans two summers ago, but so far they have not come to fruition. Lynn says they knew "it would be a marathon, and not a race."

The arena is hopeful this bid will speed up the renovation process.

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Cincinnati was chosen Tuesday as one of eight locations to host the NCAA Men's Basketball Tournament in 2022. 

U.S. Bank Arena will host the first and second rounds over the weekend of March 17 & 19. The University of Cincinnati will serve as the collegiate host of the event.

It's the first time Cincinnati has hosted any round of the NCAA Men's Basketball Tournament since 1992. The bid was submitted in collaboration with U.S. Bank Arena, University of Cincinnati and the Cincinnati USA Sports Commission.

"We are thrilled and honored to be chosen by the NCAA to host the 2022 Division I Men's Basketball First and Second Rounds," said U.S. Bank Arena Vice President and General Manager Kristin Ropp. 

"We are dedicated to providing the best in sports and entertainment to the region and this is the type of event that the people of Cincinnati deserve. This is the culmination of months and years of hard work and is a true testament to the continued spotlight  on the city of Cincinnati on both a regional and national scale."