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ADDENDUM NO. 1 <br />TO <br />KITTITAS VALLEY EVENT CENTER <br />FACILITIES LEASE AGREEMENT <br />BETWEEN KITTITAS COUNTY AND THE ELLENSBURG RODEO ASSOCIATION <br />This Addendum No. 1 ("Addendum") is entered into by and between Kittitas County, a political <br />subdivision of the State of Washington ("County"), and the Ellensburg Rodeo Association, a <br />Washington nonprofit corporation ("Association"), and shall be attached to and incorporated into <br />the Facilities Lease Agreement dated January 6, 2025 ("Agreement"). <br />1. PURPOSE: <br />i) This Addendum formalizes the financial commitment of the Association to <br />contribute annually toward the County's debt service or loan repayment for the <br />Ellensburg Rodeo Grandstands Reconstruction Project ("Project"), as referenced <br />in Section 20 of the Agreement. <br />ii) A clarification to the inflation adjustment index referenced in Section 4 (Rental <br />Fees) of the Agreement. <br />2. PAYMENT TERMS - <br />i) The Association agrees to pay the County a total of $2,500,000, payable in ten <br />annual installments of $250,000 each. <br />ii) The first payment shall be due on or before January 1, 2026, with subsequent <br />payments due on or before January 1 st of each successive year through December <br />31, 2034, unless otherwise modified by written agreement of the Parties. <br />iii) Payments shall be made payable to Kittitas County and deposited into the <br />County's designated fund for repayment of the Grandstands Reconstruction <br />Project debt service. <br />iv) All payments received from the Association under this Addendum shall be <br />restricted for the sole purpose of servicing or repaying debt, loans, or other <br />financing obligations incurred by the County for the Grandstands Reconstruction <br />Project at the Kittitas Valley Event Center. <br />3. AMENDMENT TO SECTION 4 — RENTAL FEES: Section 4 of the Agreement is <br />hereby amended to clarify the Consumer Price Index (CPI) referenced for annual rent <br />adjustments. The following sentence shall replace the portion beginning with "at the beginning <br />of each new calendar year..." and ending with "...as published by the Bureau of Labor <br />Statistics": <br />"At the beginning of each new calendar year, the County Auditor's office will add an <br />amount equal to one percent (1 %) or the average Consumer Price Index for Urban Wage <br />Earners and Clerical Workers. (CPI-W), West Region — Size Class BIC, for the period <br />January through June of the previous year as published by the U.S. Bureau of Labor <br />Statistics, whichever is greater, to the previous year's payment, and notify the <br />Association in writing of the new rate no later than January 31st of that year." <br />All other provisions of Section 4 remain unchanged. <br />Ellensburg Rodeo Association Contract January 1, 2025 through December 31, 2034 <br />