KVEC RODEO GRANDSTANDS LARGE CAP APPLICATION

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2. Funding Sources The foundation for this project was laid in 2016 through a joint investment by Kittitas County and the Ellensburg Rodeo. The first phase focused on planning and developing a 60% design for the reconstruction of the historic Rodeo Grandstands, located along the northern edge of the Rodeo Arena. This critical design work cost nearly $546,000, equally shared between the County and the Rodeo Association. At that time, the total project was estimated to cost less than $10 million. Following this initial phase, a concerted advocacy effort began to secure additional funding. The City of Ellensburg and the State of Washington were brought into discussions as potential partners, acknowledging the Grandstands' significance as both a local Landmark and a regional tourism asset. Early funding conversations focused on a shared cost model, with the County, City, and Rodeo each contributing a portion of the debt service, and the remaining balance requested from the State. As planning continued and construction costs rose, the estimated project budget had grown to approximately $11.2 million by 2019. Then the COVID-19 pandemic hit — introducing economic uncertainty and delaying project momentum. Despite these challenges, project partners remained committed. In 2021, Representative Tom Dent successfully sponsored a $1.5 million grant through the Washington State Department of Commerce (DOC) Local Community Projects program. Anticipating further cost increases due to inflation and supply chain disruptions, the County requested an updated cost estimate from its architectural firm, which projected a revised total of $15.75 million. Progress continued in 2023. Representative Dent again secured nearly $1 million through the same DOC grant program to support completion of the final design phase. That same year, the City of Ellensburg's Lodging Tax Committee pledged $250,000 annually over ten years —totaling $2.5 million —matching the Ellensburg Rodeo's commitment. With both the City and Rodeo contributing $2.5 million, the Board of Kittitas County Commissioners have also verbally committed $3 million and agreed to carry the total debt service for the project on behalf of all three partners ($8 million commitment), enabling a unified financing strategy. The partnership debt service would be paid off over the course of 10 years. Grant funding will be utilized to reimburse upfront costs and keep the debt service amount down to the $8 million partnership commitment. Together with the $2.5 million in state grants already secured, the final piece needed to fully fund the project is a $3 million allocation from the Kittitas County Lodging Tax fund.