Brevard County Fairgrounds

EXECUTIVE SUMMARY

The fairgrounds complex is a relevant and important asset for Brevard County and can become a more productive asset if the fairgrounds were moved to a larger site. The two key issues facing the Brevard County are the small size of the land holdings for the fairgrounds and the need for an equestrian facility.

Analysis of the information and statistics provided by the various fairs and interviews with industry experts revealed no single formula for success. Yet a pattern of success by comparable facilities that have evolved over the last one hundred or more years reveals several maxims to note:

. Most fairgrounds are structured so that revenues meet expenses on an annual basis, which motivates those responsible to be creative in generating income and limiting expenses. Each successful fairground leverages its location, local economic strengths, and facilities to maximize usage and generate revenues.

Increasingly, successful fairgrounds operations market themselves as if they were a for-profit business with advertisements during phone hold time, helpful and easy-to-find Web sites, marketing materials, and a full-time marketing manager on staff.

Successful fairgrounds embrace a broader mission that includes not only 4-H and County Extension Service, but also commercial, social, and civic interests, such as family programming and hosting of corporate, community, and social events. Any effort to implement these four maxims will have a positive effect on the usage, management, operation, income, and public perception of the fairgrounds.

If the expanded fairgrounds with a year-round equestrian facility cannot be built all at once, it is possible to complete the project in two phases. Phase I includes a sale arena, exhibit hall, livestock stalls, and other ancillary. Phase II will add the recommended large, covered arena.

Under Phase I, the new fairgrounds are projected to have an operating income of approximately $131,000 in Year 1, with a total of 97 events. The

fairgrounds are projected to do very well with the incorporation of equestrian events. When Phase II is completed, the facility is expected to have an operating income of approximately $504,000 in Year 1 with 111 events. The actual number of events will depend on how well management markets the new or expanded facility. Demand exists in Florida, but management will have to go after large events such as Paint Horse Shows, Quarter Horse Shows, and etc. which bring approximately 5,000 people for the event.

Economic and fiscal impact numbers are based off the fifth year of operation. The economic impact created by Phase I will be $45.2 million with a fiscal impact of $2.8 million. With Phase II completed, the economic impact will be $62.6 million and the fiscal impact will be $4 million.

Thank you for your consideration in this matter.

Don A. Bogard