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building will be ready for the Fair in March of 1987. Members of the Firefighters Association have volunteered to do the labor and other work to keep the cost of the building low. The construction financing cost of the building, $120,000, could be available soon after October 1st by inter -fund borrowing if the County builds the building. However, this inter -fund borrowing would need to be repaid within the fiscal year. One available repayment source (the permanent financing) would be the refunding issue of the County jail, which is tentatively scheduled to occur in fiscal year 1986-87. The payments on the permanent financing would be made by the Corporation from proceeds from the annual County Fair. Alternatively, the Corporation could lease only the land and be responsible itself for construction of the fair buildings. The Corporation could borrow directly from a financial institution on a note secured by the revenue of the Fair and not by a lien on the land or buildings at the fairgrounds. Giving such a lien or mortgage may require referendum approval and is thus not an available alternative. A third choice would be for the Firefighters Association to borrow the money from a local bank and construct the building. They would then retain a larger portion of Fair proceeds than would otherwise be the case, which proceeds would be used by the Firefighters Association to retire its building debt. WHO RUNS NON -FAIR FAIRGROUND ACTIVITIES? 2. The contract between the County a•nd•the Corporation must also determine which entity will be responsible for operating the fairgrounds for the eleven months of the year not used by the County Fair. The County Commission could lease the fairgrounds to the Corporation for one month of the year only and retain rights to use and operate the fairgrounds area for the other eleven months, or the Corporation could be responsible for the fairgrounds for the entire year and be in charge of subletting the property in the off months and collecting rents and accounting for these. The committee preferred this latter alternative, understanding that this would entaila more active supervision by the trustees and officers of the Corporation over the fairgrounds. MANAGEMENT CONTRACT 3. Once the contract between been entered into, it will enter into a management Association for presenting determine the prices which rides will be held, and the Fair. the County and the Corporation has be necessary for the Corporation to agreement with the Firefighters the Fair. This agreement will will be charged, what exhibits and disposition of the profits from the The committee suggested that a certain percentage be retained by the Firefighters Association after the costs of the Fair have been deducted. This should used by the Firefighters for their Burn Fund. The remaining percentage will be retained by the Corporation for use in paying annual rental charges to the County and payments on any building costs as well as for establishing a fund for the continued development of the fairgrounds. In addition the Corporation will be authorized to make contributions to the County's General Fund over and above the annual rental payments. It was also envisioned that in the long run the Fair Association may have its own staff with an office, secretary, and administrative staff. 37 SEP 16 10286 BOOK 65 PAEE 7 d 0