The Tribune-Star
TERRE HAUTE
January 26, 2008 09:12 pm
—
The 27-member board of directors of the Wabash Valley Fairgrounds is facing an interesting decision in coming weeks. Not only will the decision have a profound impact on the future of the annual 4-H fair and its facilities south of Terre Haute, but on the primary retail district serving west-central Indiana and east-central Illinois as well.
Two powerful local developers, Thompson Thrift and Gibson Development, made a proposal earlier this month to purchase the current fairgrounds and relocate its facilities nearby. The $9.2 million offer also includes 72 acres of land west of the existing fairgrounds, where new facilities could be constructed.
The offer underscores what those associated with the fairgrounds have known for a long time. The facility sits on one the most valuable pieces of undeveloped property in Vigo County. It has long been coveted by developers who would love to convert it into part of the area’s retail sprawl. Surrounded by retail development, the fairgrounds is now one of the few non-commercial properties along U.S. 41 between I-70 and Allendale Hill.
Gibson Development and Thompson Thrift admit they have retailers keenly interested in the site. They’re not naming names, but it would surprise no one if they included some big names such as Target or Home Depot.
From the Fair Board’s perspective, the offer represents an opportunity to upgrade its 4-H Fair facilities and to extract itself from U.S. 41’s busy doorstep. On the other hand, tradition is an important part of rural culture, so it won’t be easy for the board to leave its longtime location. The presence of the Action Track and drag strip on the property complicates matters. The board has declined developers’ offers before, although it has never seen one this lucrative or one that included help for relocation.
The Fair Board has a lot to think about. We trust the offer will get thorough and balanced consideration. We certainly hope it does.
From a community standpoint, the proposal seems to carry far more positives than negatives, although added traffic in the congested retail corridor must be addressed. The most enticing prospect is putting valuable property back on the tax rolls. As a private non-profit organization, the Fairgrounds is exempt from property taxes. A large retail development would generate hundreds of thousands of dollars in property taxes over time.
The retail sector is a vibrant and crucial part of the county’s economy and would benefit from the addition of a new development with reputable stores that draw shoppers from a wide area. If this deal goes through, Terre Haute and Vigo County could feel a measurable economic boost.
Copyright © 1999-2008 cnhi, inc.
Photos
