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Financing Methods & Strategy

The Association may be eligible for funding through tax-based sources and grant programs. The following indicates funding programs potentially available for the Association to fulfill its capital development mission.
 
  • Special Funding Methods
Concession Contracts
The Association may consider concession service agreements for selected categories of events.
 
Parks & Recreation Service Area (PRSA)
Section 36.68 RCW provides for the creation of park and recreation service areas, which can consist of all or a portion of Yakima County.
 
Bond Financing
There are several bonding mechanisms used to capitalize public improvements.
 
General Obligation Bond
Primarily used for development of public facilities where long-term debt financing based on a new revenue source is deemed appropriate.
 
Joint Powers Authority
Normally a public authority formed from two or more governmental or non-profit entities.
 
Certificates of Participation
Used for the acquisition of real property, facilities development and equipment in projects designed for revenue generation and economic development.
 
Lease Revenue Bonds
Like certificates of participation, Lease Revenue Bonds are based on a lease agreement and are not subject to the constitutional debt limitation.
 
Special Assessment
Special assessments may be created where the public benefit of the assessment can be clearly defined and there is a public purpose.
 
Revenue Bond
For the purposes of project development, revenue-bonding procedures may be used based on authorizing statutes or based on leasehold values of land, facilities and operating entities that create a cash flow.
 
  • Statutory Funding Programs
The principal public funding sources applicable to the Association for capital development are found in local, state and federal programs commonly referred to as “Statutory Funding”. The following identifies current statutory funding programs that may be considered for parks and recreation development.
 
Local Funding Programs:
-- Property Tax
-- Retail Sales Tax
-- Interest Earnings
-- Real Estate Excise Tax (½ annual REET dedicated to acquisition and development)
-- CDBG
-- General Obligation Bonds
-- WSDOT
-- Surface Water Management – Capital
-- Conservation Futures
-- Growth Impact Fees
 
State Funding Programs:
-- Department of Community, Trade & Economic Development
-- Department of Agriculture
-- ·Recreation and Conservation Office
-- Community Development Block Grants & Float Loans
-- CTED Tax Exempt Industrial Revenue and Exempt Facilities Bonds
  
Federal Funding Programs:
-- LWCF (Land & Water Conservation Fund)
-- ISTEA Surface Transportation Enhancement Activities Program (STP)
-- ISTEA National Recreational Trails Fund
-- National Highway Safety Act
-- Recreation & Public Purposes Act
-- Surplus Real Estate Program
-- Economic Development Administration Grants & Loan Programs
-- USDA
 
Most or all public funding sources are highly competitive. Participation in funding programs, administered by federal and state agencies, is dependent upon meeting the basis criteria of the funding program, including time frames, local matching fund requirements and participation requirements. It is recommended that the Association, a non-profit corporation, 501(c) (3), be considered a vehicle for creating public partnerships for State Fair Park. Additional information regarding public funding sources, including the 2009 American Reinvestment and Recovery Act, commonly called the “Stimulus Package”, may be viewed by monitoring the National Recreation and Park Association web site which is accessed as follows. www.nrpa.org and www.recovery.gov.
 
The American Recovery and Reinvestment Act is created to stimulate and add balance to the U.S. economy by investing in job creation and infrastructure improvements. Enterprise recreation is one of many industries in America that contributes to the economy in progressive ways, creating commerce and jobs while improving and sustaining quality of life in communities and rural America. The Central Washington Fair Association, by investing in enterprise development, would be a qualified and valued recipient for funding administered through several federal and state pass-through grant and loan programs. It is recommended that the Association consider every aspect of the American Recovery and Reinvestment Act and subsequent economic stimulus programs to facilitate its Agri-Fair of the Americas program formation and capitalization objectives.
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