Thompson Thirft, Gibson Development offer $9.2 million for Vigo fairgrounds

By Arthur E. Foulkes
The Tribune-Star

TERRE HAUTE January 22, 2008 11:32 pm

— The Wabash Valley Fairgrounds board of directors is looking at a proposal to swap most of the fairgrounds property for $9.2 million plus 72 acres of land west of the existing site.
The proposal, put forward by Thompson Thrift and Gibson Development, was pitched to the Fair Board at its Jan. 10 meeting.
“The board is taking it under advisement,” said David Hartmann, president of the Wabash Valley Fairgrounds board. “So far no action has been taken.”
The more than 20-page proposal envisions most of the fairgrounds being turned into a large retail shopping area. A new fairgrounds would be built on 72 acres of land presently owned by Gibson Development just west of the existing fairgrounds site.
“We feel like there is an opportunity here to reshape the face of the U.S. 41 retail corridor,” said Paul Thrift of Thompson Thrift. “I believe strongly that this is the time.”
Terre Haute has been losing retail business to Plainfield and Evansville, Thrift said. A new retail facility, with large retailers currently not in the Terre Haute market, could help change that, he said.
Some large retailers have expressed an interest in the fairgrounds site, he said.
According to the Jan. 10 proposal, the new fairgrounds would sit on 91 acres, down from its current 130 acres of land. However, there is room for negotiation if the Fair Board wanted more space, Thrift said.
The fate of the Terre Haute Action Track, which sits in the Wabash Valley Fairgrounds, and a nearby drag strip, could be affected by the proposed deal. Thompson Thrift and Gibson Development are proposing three options for the racing facilities: Move them to the new fairgrounds, keep them where they are, or abandon them altogether.
A decision to relocate the racing facilities would cost the Fair Board around $3.2 million, according to the proposal. Leaving the race tracks where they are would reduce the cash portion of the offer from $9.2 million to $6.2 million.
Thompson Thrift also is offering to build the new fairground facilities, such as exhibit halls and a new grandstand for tractor pulls and other such events, for around $7.8 million. However, Thrift said, the Fair Board would be free to use any company they wish for that construction.
“We’re not telling them what to build,” he said. “We just wanted to show them something concrete.”
The timetable for the project is “aggressive” but realistic, said Greg Gibson, owner of Gibson Development. The plan calls for the new fairgrounds to open in May 2009 – before the new retail shopping facility would be completed.
“We wanted to offer them something with no down time,” Thrift said. Construction of the retail buildings could begin as early as September 2009, he said.
“I truly believe it’s a fantastic proposal for the Fair Board, for 4-H” and for the county as well, Gibson said. New development in the proposed retail area would generate new tax dollars for the county, he said.
The Fair Board voted a couple of years ago that they were not seeking to sell the fairgrounds property, board president Hartmann said. Some board members view the fairgrounds as a “nice green space,” he said, adding, however, that he cannot speak for the other members of the 27-person board.
Hartmann also noted that the existing fairgrounds has “some real positive things happening,” such as an upcoming world class dog show. He is also optimistic about the future of the Action Track and the 2008 Vigo County Fair, he said.
The Wabash Valley Fair Association is a private, not-for-profit organization.
Thompson Thrift, “has the best interest of this community at heart,” Thrift said. “We want to be involved in projects that benefit this community.”
If the Fair Board decided to take other bids for the fairgrounds property, “I would welcome that,” Thrift added. “We want to pay market value for it.”
Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.

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