Over 250 residents crowded into a standing room only “town hall” meeting hosted by Prescott Frontier Days, Inc. (PFD) on June 6, 2023 at the Fairground’s Mackin Building. The topic? PFD’s recently unveiled Master Plan to expand capacity at the Fairgrounds with new buildings for events and even a private clubhouse for PFD’s fund-raising organization, “The Buckle Club.” The seed money for this grand plan is a $15.3 million state appropriation still tied up in litigation as of the writing of this article.
The overwhelming sentiment of those in attendance was a resounding, “no.” While residents approved of repairs and maintenance to existing structures and equipment for the World’s Oldest Rodeo and other tenants on the property,1 there was no appetite to turn the Fairgrounds into a year-round event center.
But like bubblegum stuck on the bottom of a shoe, bad ideas have a way of never going away. On May 14, 2025 the City of Prescott posted a video episode of “Prescott Today,”2 hosted by City Manager Dallin Kimble with his guest, Deputy City Manager Mike Morris.3 This video hawks their vision for an event center at the Fairgrounds and supports their current effort to hire another consultant to design yet another Master Plan for the Fairgrounds property.4 This video should come with a warning: “No city council member was harmed in the making of this video,” since the city council won’t even vote on hiring a Master Plan consultant until September, 2025.5
Nonetheless, these two unelected and unaccountable officials — who arrived in Prescott less than a year ago — seem determined to revisit history.
So we ask: Are Kimble and Morris far ahead of their time, or just promoting an unpopular idea which historically has never gotten traction in Prescott?
It’s been 23 years since Prescott performed a feasibility study to see whether an events center was worth the use of limited tax dollars.6 In 2002, the city hired the International Coliseums Company (ICC) of Scottsdale to evaluate a Masterplan completed in 2001.7 ICC rejected the Master Plan’s proposed 3,000-5,000 seat rodeo and equestrian event center constructed on 200 acres of property off 89A. Instead, ICC concluded a more economically viable multi-purpose event center, able to host all types of events, conventions, trade shows and concerts should be constructed on public land in the Pioneer Parkway area.8 But ultimately the full construction price tag of $40 million was a deal-breaker for Prescott. Unable to find a private sector partner willing to share costs, city leadership quickly rejected the idea of spending limited taxpayer money for an events center.9
Ironically, ICC’s findings became the basis for constructing what is now known as the Findlay Toyota Center in Prescott Valley (PV).10 The PV Town Council used a series of complex financial tools and development agreements to fund construction and operation of their new events center.11 Principal to this strategy was Prescott Valley’s creation of a Community Facilities District (CFD). Under Arizona law, a CFD is like a special district, available to cities, towns and counties to finance and operate infrastructure projects, including recreational facilities.12 City/town council members or county supervisors typically vote to have themselves serve as the CFD board, while the administrator/city manager serves as the CFD’s manager. Approval for a CFD requires a petition and signatures from at least 25% of the property owners inside the boundaries of the proposed CFD. But if all or most of the property is government-owned or owned by a single entity, approval realistically amounts to a simple majority vote of the elected council or body creating the CFD.13
In 2006, Prescott Valley’s new CFD, known as the Entertainment Center Community Facilities District (ECCFD) entered into a legally required agreement with the Town of Prescott Valley.14 Included in the agreement was a state law provision which permits the city/town or county to pay all costs, expenses and expenditures of any kind incurred by a CFD. This meant Prescott Valley guaranteed the $35 million worth of taxable bonds borrowed by the ECCFD’s tenant, Prescott Valley Event Center, LLC (PVEC).15 ECCFD’s long-term lease with the Prescott Valley Event Center, LLC (PVEC) provided for PVEC to construct and operate the events center for a term of 75 years. In addition, the ECCFD granted ownership of the events center to PVEC for the entire lease term which concluded in 2081.16
Unfortunately, the Prescott Valley Event Center, LLC (PVEC) declared Chapter 11 Bankruptcy after a short 9 years, racking up over $47 million in debt owed to almost 50 creditors.17 This left Prescott Valley taxpayers holding the proverbial bag as they became a party to the bankruptcy proceedings.18 The ensuing 2017 Chapter 11 Bankruptcy Reorganization required the Town of Prescott Valley, through its Entertainment Center Community Facilities District, to issue $16 million in new bonds. The repayment schedule for these bonds cost the Prescott Valley taxpayers on average $1.165 million annually and payments extend until 2038.19 Additionally the bankruptcy settlement required the tenant to return ownership of the events center back to the Entertainment Center Community Facilities District.20
Kimble, Morris, and others in Prescott who want an event center at the Fairgrounds must consider this: Bankruptcy aside, available public documents show the Findlay Center has NEVER been profitable. To this day, revenues fall far short of expenses each year, requiring Prescott Valley taxpayers to subsidize the center at an average of $2.7 million a year.21 Once the debt service on the 2017 bonds is paid off in 2038, this number will go down. But operating expenses will still outpace revenues by about $1.5 million, unless revenues miraculously increase.
So we have to wonder — are Kimble and Morris planning to follow Prescott Valley’s blueprint and create a Community Facilities District to pay for their vision of an events center at the Fairgrounds — and without taxpayer approval? Is this why city staff, of their own accord, changed the land use designation of the Fairgrounds in the 2025 Proposed General Plan from residential to “recreational facility?”22 That simple land use change lays the groundwork for this or a future city council – – with a mere four votes – – to create a CFD with absolutely no recourse for taxpayers at the ballot box.23 The inability of the Findlay Toyota Events Center to cover costs throughout its history tells us a larger, modern facility at the Fairgrounds will almost certainly be an ongoing expense for Prescott taxpayers.24
The historical financial performance of the Findlay Evens Center requires Prescott’s leadership to look cleared-eyed and objectively at the benefits and costs of getting into the event business. This includes identifying an optimal location for such a facility. A professional feasibility study by a disinterested third party is a mandatory first step–BEFORE spending any more money on another Master Plan and/or design work at the Fairgrounds. Current and future taxpayers deserve nothing less.
FOOTNOTES:
A note about footnotes: Where reference is to a recorded document, go to the Yavapai County Recorder’s website and enter the document number in the search term
labeled, “Reception Number.” https://yavapaicountyaz-web.tylerhost.net/web/search/DOCSEARCH464S1
1 Prescott Frontier Days, Inc.’s (PFD) current lease currently runs until 2038, with the option of a five-year extension until 2043. Other tenants include the University of Arizona Agricultural Extension, the Prescott Community Compost Project, and the Prescott Auto Club. The City of Prescott also utilizes space on the property. PFD’s current lease allows them to rent the property out for other events such as the Yavapai County Fair and high school/ collegiate competitive rodeo events. PFD keeps the proceeds from all these events. PFD pays no rent for using the majority of the 43 acres.
2 May 14, 2024, “Prescott Today.” https://www.youtube.com/watch?v=db6vQ_60_vs&t=40s
3 Dallin Kimble biography: https://prescott-az.gov/city-manager/about/ Mike Morris biography: https://prescott-az.gov/michael-morris-named-prescott-deputy-city-manager/
4 “Description of Work,” Page 5, Request for Proposals For Rodeo/Fairgrounds Master Plan CIP No. 2505-001.“The purpose of this project is to create a Master Plan for the
Prescott Rodeo/Fairgrounds….All planning will need to consider such things as parking, utility infrastructure, visitor experience, foot traffic patterns, quality space for participants in events, control features, for ticketed events, modern lighting and sound amenities, ingress and egress features, buffering, beautification, event operations and logistics, maintenance requirements, aesthetics, gathering spaces for event attendees, and green space for the community to enjoy.”
https://prescott-az.gov/wp-content/uploads/2025/05/PUR-Rodeo-Fairgrounds-Master-Plan_RFP-Final-20250516.pdf
5 See footnote 4 link, page 6.
6 April 26, 2002 Prescott Council Agenda Memorandum “B” from Larry Assaro, City Manager, “Multi-Purpose Recreational Complex.”
7 The International Coliseums Company (ICC) is a subsidiary of a Nevada Corporation, Global Entertainment Corporation. After Prescott Valley became interested in constructing an event center, Arizona Corporation Commission filings from March 2005 show that Global Entertainment Corporation became the business partner of the Fain Signature Group, LLC, forming the Prescott Valley Events Center, LLC (PVEC). PVEC constructed and operated the Prescott Valley Event Center (now Findlay) until declaring bankruptcy in 2015.
https://ecorp.azcc.gov/CommonHelper/GetFilingDocuments?barcode=01228100&__ncforminfo=XyW0BLSDhoGAgSdmgk8BGgXtjtPoFbEMk9f0Xu7auxPsDIa3VUXkyo-03T8VO1xKXnxLItrvuwQk-zB67Thl7pT-zLoDe3OL
https://www.globenewswire.com/news-release/2004/06/02/311281/3594/en/Global-Entertainment-Corporation-Launches-New-Subsidiary-to-Provide-Ticketing-Services.html
8 See footnote 6.
9 See footnote 6.
10 Prescott Daily Courier, June 11, 2006, “Prescott Valley celebrates Events Center milestone, by Mark Lewis.
https://web.archive.org/web/20120406201943/http://prescottdailycourier.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=40048&TM=42954.67
The Prescott Valley (Toyota Findlay) Event Center is 134,800 square-foot facility with seating capacity of 5,100 for sporting events and 6,200 for concerts and 2,365 parking spaces.
http://www.findlaytoyotacenter.com/assets/documents/partials/core_buttongroup/Fr6cZ.pdf
11 February 24, 2000 – Development Agreement between Town of Prescott Valley and Prescott Valley Signature Entertainment, LLC (Fain) and the Fain Signature Group, LLC, Developers. Town Resolution No. 941 Recorded Book 3735, Page 217 recorded on February 28, 2000.
– May 6, 2005 – Pre-Annexation Development Agreement Prescott Valley Multi-Purpose Event Center Town of Prescott Valley, Prescott Valley Signature
Entertainment, LLC (Fain), the Fain Signature Group, LLC and Prescott Valley Events Center, LLC, Developer (Fain and Global X) Town Resolution 1346 and
Resolution 56 by the Prescott Valley Water District, both recorded Book 4274, Page 29 on June 10, 2005.
– October 6, 2005– Amended Pre-Annexation Development Agreement Prescott Valley Multi-Purpose Event Center Town of Prescott Valley, Prescott Valley Signature Entertainment, LLC, the Fain Signature Group, LLC and Prescott Valley Events Center, LLC, Developer (principals of PVEC are Fain Signature Group, LLC and Global Entertainment Corporation) Town Resolution 1387 and Resolution No. 61 by Prescott Valley Water District both recorded on October 21, 2005, Book 4325, Page 536.
– December 21, 2006 – Notice of Formation of Events Center Community Facilities District. Recorded December 27, 2006, Book 4467, Page 796, Document 4093746.
– December 21, 2006 – General Plan for Proposed Entertainment District. Recorded December 27, 2006, Book 4467, Page 798, Document 4093748.
– December 21, 2006 – Town of Prescott Valley Resolution No. 1477 Declaring a Community Facilities District (Entertainment Center Community Facilities District
ECCFD), recorded December 27, 2006, Book 4467, Page 797, Document 409347. Includes petition for adoption of CFD for 2.85 acres of land signed by property
owners Prescott Valley Signature Entertainment, LLC (Fain) and Global Entertainment Corporation (parent company of International Coliseums Company).
– December 21, 2006 – Town of Prescott Valley Intergovernmental Agreement with the Entertainment Center Community Facilities District. Recorded December 27,
2006 Book 4467, Page 795, Document 409345.
– December 21, 2006 – Entertainment Center Community Facilities District Memorandum of Lease with Prescott Valley Events Center, LLC (Fain and Global Entertainment Corporation) recorded February 5, 2007, Book 4477, Page 943, Document 4104904. Lease amendment – correction, recorded March 30, 2007, Book 4493, Page 676, Document 4122532.
– December 21, 2006 – Special Warranty Deed. Prescott Valley Events Center, LLC Conveyance of Civic Center property to newly created Entertainment Center Community Facilities District for the period of the ECCFD’s lease with PVEC, LLC. Recorded December 27, 2017 Book 4467, Page 799, Document 4093749.
– February 2, 2007 – Amendment of Lease between Entertainment Center Community Facilities District and Prescott Valley Events Center, LLC. Recorded February 5, 2007, Book 4477, Page 943, Document 4104904. Rerecording of Lease to include omitted Exhibit A. Recorded March 30, 2007, Book 4493, Page 676, Document 4122532.
12 Arizona Revised Statutes, Chapter 48, Sections 701-715 describes Community
Facility Districts.
13 There were two property owners/petitioners for the creation of a 2.85-acre CFD for the Prescott Valley Events Center. The two petitioners were Prescott Valley Signature
Entertainment, LLC (Fain) and Global Entertainment Corporation. See Yavapai Recorder document, reception number 409347. This petition was approved by the
Prescott Valley Town Council on December 21, 2006.
14 Records show the Prescott Valley Town Council approved the Entertainment Center Community Facilities District on December 21, 2006. See Footnote 11 for related documents.
15 State law permits cities, towns and/or counties to guarantee payment of CFD expenses. See Arizona Revised Statutes 48-712 and 48-717(2) and December 21,2006 – Town of Prescott Valley Intergovernmental Agreement with the Entertainment Center Community Facilities District. Recorded December 27, 2006 Book 4467, Page 795, Document 409345.
16 December 21, 2006 Special Warranty Deed, Recorded December 27, 2006, Document 4093749. See also December 21, 2006 – Entertainment Center Community Facilities District Memorandum of Lease with Prescott Valley Events Center, LLC (Fain and Global Entertainment Corporation) recorded February 5, 2007, Book 4477, Page 943, Document 4104904. Lease amendment – correction, recorded on March 30, 2007, Book 4493, Page 676, Document 4122532. See also July 20, 2017 – Amended Intergovernmental Agreement between the Entertainment Center Community Facilities District and the Town of Prescott Valley, recorded October 2, 2017, Document 2017-0051194 and Amendment dated 7/20/2017 recorded October 16, 2017, Document
2017-0053420 for correct lease term.
17 Bankruptcy Case 3:15-bk-10356-MCW, Arizona District Bankruptcy Court, “Voluntary Petition” Chapter 11 Bankruptcy filed August 14, 2015. Arizona Republic, August 19, 2015, “Prescott Valley Events Center files for bankruptcy,” Russ Wiles. https://www.azcentral.com/story/money/business/2015/08/19/prescott-valley-events-center-files-bankruptcy/31957961/
18 Town of Prescott Valley documents related to Prescott Valley Events Center, LLC Chapter 11 Bankruptcy Reorganization.
– October 27, 2017 – Termination of Lease between Entertainment Center Community Facilities District and Prescott Valley Events Center, LLC (Fain and Global Entertainment Corporation). E-Recorded on October 27, 2017 2017-0055752 TL.
– October 27, 2017 – Amendment to Special Warranty Deed from Prescott Valley Events Center, LLC to Entertainment Center Community Facilities District removing rights to reversionary or reconveyance interest described in the original December 21, 2006 Special Warranty Deed as part of the Bankruptcy Reorganization terms. E-Recorded on October 27, 2017, Document 2017-0055751.
– July 20, 2017 – Amended Intergovernmental Agreement between the Entertainment Center Community Facilities District and the Town of Prescott Valley. Recorded
October 2, 2017, Document 2017-0051194 and Amendment dated 7/20/2017 recorded October 16, 2017, Document 2017-0053420.
– October 27, 2017 – Special Warranty Deed Parking Area 12 from Grantor Four Seasons Investment Company, LLC to Entertainment Center Community Facilities District, lease agreement for parking remains in place. Recorded on October 27, 2017, Document 2017-0055754.
– October 24, 2017 – Release, Extinguishment & Cancellation of prior Development Agreements between Town of Prescott Valley, Prescott Valley Events Center, LLC
by JA Flats, Inc. (Fain) and Four Seasons Investment Company, LLC successor-in-interest to Prescott Valley Signature Entertainment, LLC and the Fain Signature Group, LLC, Developers Fain. E-Recorded 10/27/2017 Document #2017-0055753.
19 Town of Prescott Valley Web Page Link – 2017 Debt Service Schedule
https://cms1files.revize.com/prescottvalleyaz/Documents/Departments/Finance/Community%20Facilities%20District/Eastridge%20Community%20Facilities%20District/Debt%20Scedule.pdf
20 Special Warranty Deed recorded October 27, 2017, document 2017-0055751.
21 Town of Prescott Valley Web Page Link – Annual Budget starting with FY 2018 the first year after the Bankruptcy reorganization.
22 City of Prescott proposed 2025 General Plan Land Use Map as of May 22, 2025. https://planprescott.com/wp-content/uploads/2025/03/Prescott-Future-Land-Use-Map-3.25.25-City-Council.pdf
23 See footnote 14.
24 In December of 2004, the Town of Prescott Valley engaged the firm, Sports Facilities Economic Research Associates, SFERA to perform a feasibility study on the proposed Convention Center. The results presented to the Town Council in February 2005 “indicated that the PVCEC [events center] would not be self-supporting, but could potentially develop sufficient event-based revenues from which it could largely be financed and operated, with the assistance of certain Town, Fain and Developer revenues and other assistance.” (see development agreement recorded document 3869523). Prescott Frontier Day’s publicly available IRS 990 tax returns show a similar pattern. Despite consistently breaking even prior to 2022, PFD lost a combined $1,008,499 in
2022 and 2023 when they began managing additional events outside of the World’s Oldest Rodeo. The GuideStar website has PFD tax returns through 2023. PFD has not yet filed their 2024 tax return and typically does not do so until November 15 the following year. PFD consistently “broke even” between 2011 and 2019 when they only produced the World’s Oldest Rodeo and occasionally hosted weddings or funerals. PFD lost $248,184 in 2020 due to COVID, but again broke even in 2021. There is a dramatic uptick in losses in 2022 when PFD shifted to hosting/managing other events at the Fairgrounds facility. This loss occurred despite a significant increase in charitable donations during the same period. It costs money to staff events and maintain an events facility. PFD’s total revenues in these years does outpace Findlay’s revenues by almost $400,000. This may be due to PFDs aggressive and successful solicitation of sponsors
for the World’s Oldest Rodeo and to attendance at the rodeo event itself. These are the type of questions an independent professional feasibility study can and must address. Type Prescott Frontier Days into: https://www.guidestar.org/