DENVER (CBS4) – The redevelopment of the stock show complex is closer to becoming a reality.

The City of Denver, Colorado State University and The Western Stock Show Association signed a new agreement today. The groups combined make up The National Western Center Authority.

(credit: CBS)

The agreement is the next stop in advancing plans to revamp the National Western Stock Show Complex.

CSU plans to build a new space for students which include a sports medicine facility for horses.

(credit: CBS)

CSU and The Western Stock Show Association will pay for 40% of the project, and taxpayers will pay the rest.

While the stock show takes place in January, part of the deal is to use the area year-round for events.