Government : Fair Board Receives Loan as part of effort for Grandstand Renovation

The Benton County Fair Board is seeking funding to complete projects around the fairgrounds. The current project is renovating the grandstands. The project will be converting old wooden benches into aluminum seating. The total cost of this project will be $170,000.Fair Board members Nichole McKenna, Dale Seeck and Kirk Steinford approached the Benton County Board of Supervisors concerning financial help to renovate the grandstands at the fairgrounds.

The board presented their financial information and proposed a fundraising project to raise the needed monies for the project. In addition, they requested three $40,000 installments from the Board of Supervisors requesting that the funds be taken from the Local Option Sales and Service Tax (LOSST) Fund. The county's current balance in that fund is about $1.7 million. Other projects in the county are also being considered for this money.

The fair board will also be fundraising by meeting with different people and companies throughout the county. They have also checked into the City of Vinton's LOSST options and will be looking for the Benton County Community Foundation's help as well.

Nicole McKenna reported that the fairgrounds have already been pre-approved for a bank loan, but they sought the county's support for the project. The board will be seeking to raise additional funds from private entities to cover the cost of the projects.

Tracy Seeman, suggested that the fairgrounds should repay any money received from the county. Rick Primmer suggested a matching funds situation with the fair board.

The project is expected to take 8-10 weeks to complete, once construction begins. The fair hopes to have it completed before the fair this summer.

Benton County Attorney David Thompson also suggested that the Benton County Board of Supervisors should appoint three members to the fair board.

The Supervisors met again last Thursday, and the decision was made to draw up an agreement with the fair to create a loan with a 5 year payback for the $120,000, and the county will also provide up to $60,000 in matching funds. The interest rate would be consistent with other loans made by the county.

The Benton County Attorney David Thompson will be drawing up the contract and Jennifer Zahradnik, attorney for the fair board will review it on behalf of the fair board.