The following information was emailed to me from
Jason Starr

-------------------------------------------------------------------------------

The Vigo County Fairgrounds Offer is Way Below Market Value
Read Below to find out why.


These parcel pictures are from www.VigoCounty.org
anyone in the world can look at this data
so please take the time verify it for yourselves
so that you know you are looking at the facts


This is a picture of the plat parcel for the fairgrounds
it represents 136.32 Acres







This is a picture of the plat parcel of the Walgreens Parcel
it represents 1.9 Acres






This is a picture of the plat parcel of the Golden Corral parcel
it represents 1.9 Acres







This is a link to the January 22, 2008 12:23pm article in the Tribune Star indicating there is a bid to purchase the Fairgrounds for $9.2 Million Dollars
====SOUNDS LIKE A LOT OF MONEY====
http://www.tribstar.com/breakingnews...022122357.html


Lets analyze the deal:

Current Offer (plus some land not worth nearly as much and in a bad location so lets look at the cash only)
$9.2 Million for 136.32 Acres
$9,200,000.00/136.32=$67,488.26 per Acre (check my calculations just in case)

Still sounds like a lot of money!

The Golden Corral parcel (depicted above) directly next to the fairgrounds (no US 41 frontage)

December 23, 2003 data from www.VigoCounty.org please look it up and verify the data
Sold for $850,000.00/1.9Acres = $447,368.42 per Acre (that is a whole lot more than $67, 488.26 per Acre)
but wait that was in December of 2003
Just One (1) Month Later
January 15, 2004 again this data is from www.VigoCounty.org please continue to verify my calculations and data
this same exact property
Sold for $4,935,000.00/1.9Acres = $2,597,268.42 per Acre (WOAH!! I wish I had made that kind of profit in one month)

Now lets compare at the 2003 Rate per Acre $67,488.26/$850,000= 15 cents on the dollar
So they want to give our Fairboard 15 cents instead for every $1 dollar of value using 2003 amounts

Now look at 2004 (one month later)
$67,488.26/$2,597,268.42= 2.6 cents on the dollar that is 2 and 1/2 pennies for each dollar of value

$9.2 Million Doesn't Sound Like such a lot of Money any more to me - how about you?

136.32 Acres at $447.368.42/Acre = $60,985,263.16 Dollars (that is $61 Million )
$61 Million is a huge amount more than $9.2 Million
But remember this is in Dec 2003 dollar values (we are currently in 2008)

136.32 Acres at $2,597,268.42/Acre = $354,073,263.16 (where's my defibrilator? set it on high!)

Now I am not one to be greedy and do not expect that the Fairgrounds would bring that much money.
But you have to ask yourself, if you are going to even consider selling it at all,
wouldn't you be smarter to put it on the open market and determine what offers come in over the next few years.

If it is really worth anything close to what I have calculated (and I believe it is worth many times more than the 9.2 offer)
let the world of commercial real estate bid on it. Let the world know it is available by publishing it across the nation in commercial real estate magazines.


Now you can do this same calculation on the Walgreens Parcel - with the same US 41 frontage
May, 2003 data from www.VigoCounty.org please look it up and verify the data
Sold for $1,550,000.00/1.9Acres = $815,789.47 per Acre (again that is a whole lot more than $67, 488.26 per Acre)
but wait that was in May of 2003
Just Eight (8) Months Later
January, 2004 again this data is from www.VigoCounty.org please continue to verify my calculations and data
this same exact property
Sold for $4,935,000.00/1.9Acres = $2,597,268.42 per Acre (WOAH!! Same Amount, I wish I had made that kind of profit in one month)

Now lets compare at the 2003 Rate per Acre $67,488.26 /$1,550,000= 8.3 cents on the dollar
So they want to give our Fairboard 8 cents instead for every $1 dollar of value using 2003 amounts

Now look at 2004 (one month later)
$67,488.26/$2,597,268.42= 2.6 cents on the dollar that is 2 and 1/2 pennies for each dollar of value

$9.2 Million Doesn't Sound Like such a lot of Money any more to me - how about you?

136.32 Acres at $815.789.47/Acre = $111,208,421.05 Dollars (that is $111 Million (don't forget the nickel)
$111 Million is a huge amount more than $9.2 Million
But remember this is in May 2003 dollar values (we are currently in 2008)

136.32 Acres at $2,597,268.42/Acre = $354,073,263.16 (where's my defibrilator? set it on high!)

Again I am not one to be greedy and do not expect that the Fairgrounds would bring that much money.
But again ask yourself, if you are going to even consider selling it at all,
wouldn't you be smarter to put it on the open market and determine what offers come in over the next few years.

If it is really worth anything close to what I have calculated (and I believe it is worth many times more than the 9.2 offer)
let the world of commercial real estate bid on it. Let the world know it is available by publishing it across the nation in commercial real estate magazines.


Here is the bottom line:
Would you sell your vehicle that is worth $15,000 to someone for $1240.91?

If you answer YES - call me right away before you change your mind!

If don't want the Vigo County Fairboard to accept the proposal... or better yet... If you want to continue racing at the Terre Haute Action Track...

SIGN THE PETITION!

http://gopetition.com/petitions/vigo...irgrounds.html

Bill:

In the TH Trb/Star today there is an article in reference to the petition. In general it referes to how most of the petition singers are concerned about the race track. Gee, it seems that the one item on the fairgrounds that does generate a good chunk of income for the fair board to operate with (promotional leasse agreement which I have heard has been $5000/ race upto tens of thousands of $$$"s per contract period) would be the item they are least concerned with retaining.

I guess I am just a stupid "racer" but it seems that if the fair board's past and present would treated the facility as "business" and reinvested back into the place we wouldn't be in this situation. Keep in mind back when Bill Hopton's group took over the promotions of the track, the fair board was "days away" from taking the bulldozier's to track and leveling it. Again it falls back on the fair board past and present not wanting to operate the entire fairgrounds as a business. It is a kown fact that any of the lease agreements that the fair board offered "promoters" were made "rosey" at first and the the fair board "hand cuffed" the promoters. Which was verry frustrating.

The offer on the table is verry weak as your figures show and I pray that the fair board is listing to what the people of "country/ world" are saying. We are the ones that show up 6 - 12 times a year to support motorsport events at the "fairgrounds" and spen $$$$ in the Wabah Valley. Maybe the rest of the business community (hotels, restraunts and tourisum office) jump up and say "look at the $$$$'s that we are going to LOSE".