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Council authorizes $310,000 INTERCAP loan for Rodeo Arena bleacher expansion
Summary
The council authorized borrowing $310,000 through the State of Montana INTERCAP program to finance a $403,000 bleacher expansion at the Three Forks Rodeo Arena. City staff said the Rodeo Board will cover principal payments from annual revenues; the motion passed unanimously.
The Three Forks City Council approved a resolution authorizing participation in the State Board of Investments INTERCAP loan program to borrow $310,000 toward a $403,000 bleacher expansion at the Rodeo Arena.
"This is a $310,000 loan for a $403,000 bleacher addition," City Clerk Crystal Turner said, and council discussion noted the Rodeo Board plans to repay principal from its annual revenues. The loan is structured as a 10-year obligation. Councilman Gene Townsend moved to accept Resolution #478-2026 authorizing the loan; Councilman Alex Blackburn seconded and the motion passed unanimously.
Council members asked whether the loan would replace an existing obligation; staff said the Rodeo Board paid off a prior loan with cash and this is a new borrowing against a project they believe they can afford. The resolution authorizes execution of loan documents and related instruments to complete the INTERCAP financing.
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