Resolution 2025-141 - Laserfiche WebLink

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2. Funding Sources The foundation for this project was taid in 2016 through a joint investment by Kittitas county and the Ettensburg Rodeo. The first phase focused on ptanning and developing a 600/o design for the reconstruction of the historic Rodeo Grandstands, located atong the northern edge of the Rodeo Arena. This criticat design work cost nearl'y $546,000, equatly shared between the County and the Rodeo Association. At that time, the total project was estimated to cost tess than $t O mittion. Fottowing this initiat phase, a concerted advocacy effort began to secure additionat funding. The City of Ettensburg and the State of Washington were brought into discussions as potential partners, acknowtedging the Grandstands' significance as both a locat tandmark and a regional, tourism asset. Earty funding conversations focused on a shared cost modet, with the County, City, and Rodeo each contributing a portion of the debt service, and the remaining batance requested from the State' As p1anning continued and construction costs rose, the estimated project budget had grown to approximatel,y $11.2 mittion by 2019. Then the COVID-19 pandemic hit- introducing economic uncertainty and detaying project momentum. Despite these chattenges, project partners remained committed.ln2O2l, Representative Tom Dent successfuLty sponsored a $1.5 mittion grant through the washington state Department of Commerce (DOC) Local Community Proiects program. Anticipating further cost increases due to inftation and suppl,y chain disruptions, the County requested an updated cost estimate from its architectural firm, which projected a revised totat of $t S.ZS mitl.ion. progress continued in2O23. Representative Dent again secured nearly $t mittion through the same Doc grant program to support comptetion of the final design phase. That same year, the City of Eu.ensburg's Lodging Tax Committee ptedged $ZS0,OOO annuatty over ten years-totating $2.5 mil.l,ion-matching the El,tensburg Rodeo's commitment. With both the City and Rodeo contributing $Z.S mittion, the Board of Kittitas County Commissioners have aLso verbatty committed $3 mil,tion and agreed to carry the totat debt service for the project on behal,f of al,t three partners ($8 mittion commitment), enabting a unified financing strategy. The partnership debt service woutd be paid off over the course of 10 years. Grant funding witt be utitized to reimburse upfront costs and keep the debt service amount down to the $8 mil,tion partnership commitment. Together with the $2.5 mittion in state grants atready secured, the finat piece needed to futty fund the project is a $3 mittion atl,ocation from the Kittitas County Lodging Tax fund.