LITTLE ROCK — Moving the Arkansas State Fairgrounds from Little Rock to an undeveloped area in the Interstate 40/Interstate 440 corridor would provide better access, visibility and safety during the fair and other events at the site, according to a feasibility study released Thursday.
But the move would cost more than $190 million and the study notes that the projected revenue at the new site - between $1.1 and $1.8 million - is "wholly insufficient" to fund the transition.
Rod Markin of Markin Consulting presented the report to the Arkansas State Livestock Association, which is working to determine whether the fairgrounds will remain at their longtime location along Roosevelt Road or move.
Markin said building anew could increase paid attendance 30 percent to 50 percent, bring in 50 percent more vendors and raise sponsorships and parking revenue. He predicted the additional economic impact from new fairgrounds in the I-40/I-440 area would range from $24 million to $34 million.
Asked how to fund the move, Markin said that wasn't the aim of his study.
Chairman Ned Ray Purtle said the fair would have to look at all revenue options. He acknowledged the timeline for moving could take at least 5 to 8 years.
"We don't have any money - that kind of money anyway," he said of the projected costs.
The report from Markin cites examples of other fairs that paid for their moves through public-private partnerships and says such a partnership would be necessary for a new Arkansas State Fairgrounds. It says it could be similar to the funding mechanism for Verizon Arena, which was built with a combination of a one-cent local sales tax, state money and private funding.
Markin's report also outlines recommended changes if the fairgrounds do move. Among them, he said the exhibition and livestock space should be substantially increased and a much larger RV area should be developed to take advantage of popular "RV rallies."