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Study was conducted in response to request for long-term lease of the racetrack
Study was originally focused on future use of the Fairgrounds, as a Fairgrounds – not moving
Board members posed two questions that refocused the study
What is the future potential for the annual Tennessee State Fair?
How does the future of the Fair impact site and facility needs?
I. Assessment of Long-Term Viability of the Fair and Identification of Potential Future Uses of the Fairgrounds
II. Recommendations of Future Fair and Fairground Use
To be a major venue for agricultural, exhibition, entertainment, cultural, and educational uses to enhance the economic and social benefits to the residents and visitors to the middle Tennessee region. Of primary importance is the staging of the annual Tennessee State Fair that showcases agriculture, commerce, technology, and industry of the region and provides quality educational and entertainment opportunities for its patrons.
Tennessee State Fair – a county/regional fair
Declines in paid and total attendance
Perceived “static” programming
Perceived safety issues
Decline in 4-H participation
Tennessee State Fair’s future is very viable – potential to become a true State Fair
Requires changes to operating model, programming, facilities and, perhaps, site location
Potential for strengthened and new partnerships with key organizations
Public meetings in January, May, August
Neighborhood district visioning session
Comments submitted at websites
Interviews of current users, stakeholders, interested parties and public officials
Access/Road System, Public Transportation
Site Size and Layout
Surrounding Land Uses
Zoning and Deed Restrictions
Topography and Special Conditions
Approximately 117 acres
35 acres in floodplain and embankments
About 23 acres for main facilities
About 14 acres related to grandstand, racetrack and pit areas
Population trends of the Nashville/Davidson County area
Socio-Demographics of area within 15 miles of the Fairgrounds
In 2007, attendance represented 12.6% of County resident population
True state fair should be able to garner 25% to 35% market penetration
Range of potential attendance – 350,000 to 500,000
Three Principal Business Units
Annual Tennessee State Fair
Monthly Flea Market
Non-Fair Rentals and Leases
Exhibition Space Competition
Nashville Convention Center
Gaylord Opryland Convention Center
Local area hotels
Spectator Event Facility Competition
Municipal Auditorium
Sommet Center
Curb Event Center
Allen Arena
Current lease provides base rent of $50,000 per year for all facilities plus percentage of concessions revenues
Base rent – less than $140 per day for the facilities included in the agreement
Ten years ago the lease payment exceeded $250,000 per year
NASCAR’s televising of major races has negatively impacted weekly racing series attendance nationwide
Continued competition from Nashville Superspeedway and Music City Raceway
Review of State and Regional Fairgrounds 100% have livestock and exhibit facilities
92% have horse show facilities
72% have an arena
69% have RV facilities (average of 250 to 300)
53% have a grandstand
14% have amphitheater
Multi-purpose event facilities
Addition of sports and recreation venues
Partnerships with carnival operators for permanent rides and entertainment areas
Lease of out lots for retail, commercial and hotel developments
In June, issued RFI to public organizations and private companies
More than 100 – real estate developers, sports and entertainment, racing, economic development
Purpose of the RFI:
Solicit interest and ideas for the possible redevelopment of the Fairgrounds
Nine Responses
Two Did Not Meet Development Criteria
Five Were Similar in Redevelopment Concepts and Impacts
Two Were Unique in Concept and Impact
Presentation to Fair Board on August 5
Public Presentation on Aug 20 by
Southern Land Company
TEAM 821
Tennessee Motor Sports Conservancy
Wedgewood Partners
Mixed-Use, Town Center Concept For Sale/Rental Housing (1,000 – 1,100
Units)
Entertainment District (Amphitheater)
Retail/Commercial (350K – 500K sq. ft.)
Park Area (43 acres)
IMAGE
Mixed Use Entertainment /Venue District
Single-Family Cottage District
Residential Overlook District
Green District
Film and Entertainment DevelopmentFilm and Television Production Studio
Higher Education Film School
Mixed-Use Office and Housing
Arts and Entertainment Venue
Sports and Entertainment District NASCAR Speed Park Water Park Hotel Baseball Stadium Hall of Fame Entertainment District (800K sq. ft.) RV Park Educare Amphitheater Music City Motorplex
All would purchase the site at market value
TN Motor Sports Conservancy proposed the Fair remaining at the site, make substantial improvements to existing buildings
Wedgewood Partners proposed a site specific swap, building program and endowment
Mixed use development (housing/retail/commercial) investment potential - $275 million to $1.2 billion over 10 years
Benefits to County in form of real estate and sales taxes - $12 million to $42 million per year
Best meets the needs/desires of the surrounding neighborhoods
Browns Creek Development investment potential of $500 million over 10 years
Benefits to County in form of real estate and sales taxes - $18 million to $20 million per year
Compatible with surrounding neighborhoods
Financially, more risk than mixed-use development
TN Motor Sports Conservancy investment potential of $150 million to $160 million
Benefits to County in form of real estate taxes – $2.5 million to $3.0 million per year
Least compatible with surrounding neighborhood
Question as to market potential for continued racetrack operation
Highest and best future use(s) of the Fairground site depends on one of two choices:
Continue as county/regional fair
Re-invent as true State Fair
Required changes to operations and facilities: Consider taking over racetrack operations
Contract with private management company
Plan and implement landscaping, beautification and building upgrades - $5.5M to 7.5M
Create a foundation for capital projects and educational programs
Initial Options for Site:
Move to another site and construct a new Fairgrounds
Make significant changes to existing site layout, buildings and structures
Initial Options for Site:
Move to another site and construct a new Fairgrounds
Site size ranges between 225 acres and 380 acres
Wholesale change in governance model
Fair Authority
Division of State Department/Agency
Fair must be more “state” focused in educational programming, competitive exhibits, sponsorships and attendance appeal
Highest and best use for current site is a mixed-use/commercial developmentBest addresses issues of: Neighborhood compatibility
Fiscal benefits to local and state government
Catalyst for growth/development of South Nashville area
Motor Sports and Entertainment Development
Historical operations and current market factors do not support projected attendance
Development concept lacks compatibility with surrounding neighborhoods
Sale of fairground site at highest market value
Dedication of portion of future property taxes or fees
Partnership with State of Tennessee
Major donations/capital drive and naming rights sponsorships
Decide what the Tennessee State Fair will be in the future
Determine needed facilities for the future Tennessee State Fair