The Hermiston City Council voted Monday night to allow the Eastern Oregon Trade & Event Center to enter into financial agreements in order to secure necessary funding to finish construction on the project.
The council authorized the EOTEC Authority Board to seek up to $1.5 million from private entities spread out over several years. EOTEC property will be used as collateral. Because EOTEC is a city-county partnership, the Umatilla County Commissioners will have to approve the move, as well. They are set to vote on Wednesday to allow the EOTEC Authority Board to seek funding from private sources.
In a report to the council, Hermiston City Manager Byron Smith said EOTEC has pursued multiple funding options, but has not finalized any one source. He said there may be an opportunity to utilize several sources to get the necessary funding. Smith said the full $1.5 million will likely not be necessary, but because final details are not yet available, EOTEC is seeking that figure as the upper limit.
EOTEC Authority Board Vice President Dan Dorran said progress is being made on EOTEC.
“We’re moving forward very quickly,” he told the council Monday night.
The public will get a chance to hear a full update on the construction and fundraising for EOTEC on Wednesday, Dec. 16. The EOTEC Authority Board will hold a special meeting at 6 p.m. at the Hermiston Conference Center to provide the community an update on the progress of the EOTEC.
The Eastern Oregon Trade & Event Center will begin operation in 2016, and host the Umatilla County Fair and Farm-City Pro Rodeo in 2017.
