Fair pays off event center note 15 years early

Operating a county fairground is no easy task. It involves hard work and long hours, and there is always financial stress.

Anyone who has a home or vehicle loan knows how difficult it is to pay them off early, especially one of a significant amount. But that is precisely what Wayne County Fair Board members and fair manager Matt Martin did recently when they made the final payment on a 20-year, $1.3 million commercial loan 15 years early and burned the note to commemorate the occasion.

Behind the smell of food trucks and the excitement of the midway is a nonprofit organization with 21 board members charged with keeping the fairgrounds financially viable while providing an experience that makes people mark next year’s fair date on their calendars.

For nearly 175 years, the fairground has stood as a pillar of Wayne County culture, a place where families, friends and neighbors participate in the junior fair traditions of raising, showing and selling the animals they have doted over throughout the year to the highest bidder.

However, a lot can change in 175 years.

The fair has grown in popularity, and with more shows, vendors, visitors and exhibitors came the need to accommodate everyone and the nightly activities taking place.

“We had shows that went well past 11 p.m. The kids were falling asleep in the show ring,” Martin said. “We needed to add a larger facility.”

So in 2019 fair board members decided to construct an event center that could be used during fair time and rented out to the public during nonfair time. Securing $1.3 million from multiple banks to build the event center represented a substantial financial commitment, but the move symbolized the fair board’s dedication to growth and longevity.

For Wayne County Fair Board Director Tom Stocksdale, this goal was not just about numbers on a balance sheet but developing a strategic financial plan to modernize the fairgrounds.

By defining what the event center meant for the fairgrounds, the board aligned its resources, efforts and strategies to secure a 20-year loan from the Farmers National Bank, Commercial & Savings Bank, Wayne Savings and Community Bank, and Park National Bank.

While the $1.3 million debt is paid off, the board doesn’t yet own the building free and clear.

“We had to secure $950,000 from private investors,” Stocksdale said. “Due to state regulations, we could only receive so much money in loans, so we turned to private investors.”

According to Martin, three individuals funded the remaining project amount through private loans, which also should be paid off ahead of schedule.

“Those loans are currently paid down to $600,000,” he said. “If it wasn’t for COVID, I am sure that we would have had those private loans paid off also.”

Both Martin and Stocksdale attribute the rapid payoff to a high level of community support and a dedicated team of board members.

Dan Starcher is the public communications coordinator for Wayne County.