"To have Legacy Trust come to our aid with such a significant donation is truly heart-warming and as acknowledgement of their gift, we have decided to rename our main hangar in their honour.''
Plans are now in place for a renaming celebration, which is scheduled for late October to coincide with the final reassembly of the Aermacchi.
At that time, signage of the new name will be unveiled and the facility will be known by the Legacy Jet Centre from then on.
Trust representative and funeral director, Mike Savage, said Legacy Trust was delighted to support a charitable organisation that "does so much good for this community''.
"Not only does Classic Flyers provide an environment for young and old to celebrate our aviation history, but it also acts as a drawcard for tourists and conference organisers, thus delivering real economic value to the region,'' he said.
Legacy Trust distributes all profits from Legacy Funerals to the local community.