2025-01-06-minutes-ec-study-session

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20. LONG RANGE PLANNING: It is recognized that the County has adopted a plan to guide the future development of the Kittitas Valley Event Center titled "2016 Kittitas Valley Event Center Master Plan" and that the continued presence of the annual Ellensburg Rodeo is of vital importance to this plan. The Association shall at all times be advised of the current state of development and implementation of that plan and shall be guaranteed full participation in the planning process in any element of the plan that in any measure affects the Association's ability to rely upon the guarantees of this Agreement. The Association recognizes that, from time to time and in the public interest, the County will purchase land, restore, or renovate structures, improve land, install utilities, convert to other use, or in other ways alter the general conditions of the facilities and land which at that time comprises the Kittitas Valley Event Center. The County shall undertake no action that serves to unreasonably restrict the Association's reliance on this Agreement without their knowledge and approval. It is recognized that the County and Association mutually commissioned a "Ellensburg Rodeo Grandstands" project that culminated in a 60% architectural design with an estimated construction cost of nearly $12 million USD in 2017. The County and Association recognize this project requires cooperation and financial contributions from parties outside this Agreement. Financial contributions that have been secured are recognized in the table below. In 2023, the project price inflated to over $15.75 million USD. In 2024, the project was refined using awarded Washington Department of Commerce grant funding and an updated project cost estimate of $12.25 million was received. The County and Association agree to continue making their best effort to implement this project. Thus, should this project not be fully implemented, Section 9 shall limit the length of this Agreement. Date a Milestone a party(s) Comments 31-Dec-19 Debt Service Letter of Intent Kittitas County_ Annual debt service contribution of $300,000 for 10 yrs 2021 Grant Award Notice - S2205_6 _Department of Commerce Net grant award equals $1,470,000 (on remibursement) 14-Dec-22 Debt Service Letter of Intent Ellensburg Rodeo Association Annual debt service contribution of $250,000 for 10 yrs 5-Apr-23 LTAC Meeting FnndingApprayed City of Ellensburg Annual debt service contribution of $250,00_0 for 10 yrs 3-Jul-23 Grant Award Notice - S24088 _ Department of Commerce Net grant award equals $999,100 (on remibursement) , The Association acknowledges and agrees that: (i) the County is financing the cost of certain improvements to the Rodeo Arena described in the County's 2016 Kittitas Valley Event Center Master Plan (the "Ellensburg Rodeo Seating" project) with proceeds of certificates of participation issued by the state of Washington (the "State") on behalf of the County under the State's LOCAL Program; and (ii) to evidence its obligations to repay and secure repayment to the State of the funds borrowed from the State under the LOCAL Program, the County has entered a Financing Lease with the State, acting by and through the State Treasurer, with respect to the site of the Ellensburg Rodeo Arena and the project to be constructed thereon (the "Property"); and (iii) this Lease Agreement and the rights of the Association to occupancy and use of the Ellensburg Rodeo Arena are subject and subordinate in all respects to the provisions of the County's Financing Lease with the State, including but not limited to the right and option of the State, upon the Ellensburg Rodeo Association Contract January 1, 2025 through December 31, 2034