Evergreen State Fairgrounds Had Record Year
The Council was told this week during a financial briefing that the 2011Evergreen State Fairbeat the all-time revenue record set in 2007. The Fair draws the biggest crowds of any event in Snohomish County.
"The county has run the fair as a financially self-sustaining event for years," said Councilmember Dave Gossett. "In 2011 it had a $597,011 operating surplus."
On-site gate admission and parking this year generated nearly $1.4 million. That's $19,644 more than the previous record in 2007, an increase of about 1.4 percent.
The Evergreen State Fair generates more than 70 percent of the annual fairgrounds revenue. In recent years emphasis has also been put on generating revenues in the off-season. The fairgrounds hosts 4-H programs, horse shows, swap meets, kickboxing matches, quilters' shows, and many other events. The Evergreen Speedway racetrack is also popular.
"The fairgrounds is a major economic driver," said Gossett. "It contributes about $40,000,000 a year to the local economy. And like any business, you need to invest if you want to continue to grow and be profitable."
Since 2009, visitors have paid a 5 percent admissions tax on top of the ticket price. That money is used for capital improvements at the fairgrounds.
Improvements to the Evergreen Speedway racetrack were made for last year's fair and there is talk of setting up a BMX track. A new $3.4 million multipurpose building (the Evergreen Event Center) was opened last year. It provides a quality venue for trade shows and other events.
"The county had been interested in building a new multipurpose building for years but the funding just wasn't available," said Gossett. "We were able to use the Build America Bonds from the economic stimulus package to lower the interest rate and make it affordable."
The Evergreen Event Center has been a great success, earning enough to not only fund the debt service but create a future reserve.
"I want to thank the staff and Fair Board for all their hard work," said Gossett. "The Evergreen State Fairgrounds is truly one of Snohomish County's treasures."