An agreement has been signed which licenses the Pro Rodeo Committee to produce Payson's "Annual World's Oldest Rodeo" for a period of two years, for a specified amount of money to be paid prior to the event.
At the end of the two years, the leadership of the Chamber has the option to either end the agreement or renew it for an additional three years, according to an official joint announcement by the Rim Country Chamber of Commerce and the Payson Rodeo Committee.
The intent of the agreement is to enable each organization to focus on the resources of their own areas of expertise and to enrich the tourism and economic potential for the Rim country, a press release stated.
The only detail of the financial agreement that was released is that the Payson Pro Rodeo Committee is required to post a performance bond of $25,000 to secure the satisfactory and continuous operation of the "World's Oldest Rodeo."
"The leadership of the Payson pro Rodeo Committee and the Rim Country Regional Chamber of Commerce hope to foster a renewed sense of commitment and cooperation that will enrich the community and enable us to achieve our goals," the press release concludes.