Virginia Farm Bureau Meadow Event Park & State Fair of Virginia What is the Virginia Farm Bureau? 17 Private Profit and Non-profit corporations-501(c) 3 Non-profit: Agriculture Advocacy & Education For-profit: Commodities Brokerage, Farm Products, Rural Development, Insurance (Auto, Home, Farm, Commercial, Life, & Health) Membership Organization-135,000 Members throughout Virginia 900 Employees 200 Insurance Agents Operations over 80 Years
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Virginia Farm Bureau Meadow Event Park & State Fair of Virginia What is the Virginia Farm Bureau? 17 Private Profit and Non-profit corporations -501(c)
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Virginia Farm BureauMeadow Event Park & State Fair of Virginia
What is the Virginia Farm Bureau?17 Private Profit and Non-profit corporations-501(c) 3
Membership Organization-135,000 Members throughout Virginia
900 Employees 200 Insurance Agents
Operations over 80 Years
Combined Revenues All Sources-$400 Million
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
What is the Meadow Event Park? (the “Meadow”)
331 Acre Entertainment District & Park-Doswell, Va. 15 Miles North of Richmond on I-95
Kings Dominion Exit
Convention Center, Festival & Event Center, Equestrian Center, Executive Business Center
Historical site since early 1800’s
Birthplace and training site of famous racehorses Riva Ridge (Kentucky Derby, Belmont Stakes) Secretariat (Triple Crown Winner)
Home of the State Fair of Virginia since 2009Scenic destination event site attracting visitors from all over the United States.
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
What is the State Fair of Virginia?(the “Fair”)
Annual state fair in the Richmond area for over 154 yearsRelocated from Richmond Raceway site in 2009Agriculture Exhibitions, Contests, & ShowsMidway rides & food concessionsMusic and Various Entertainment AttractionsVendors
In 2013 Dates: September 27 through October 6 Attendance: Over 160,000
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
Recent Financial History Investment-$100 Million
85,000 Sq. Ft Conference Center 10,000 Sq. Ft Pavillion Meadow Manor Equine Center Parking Lots, Pedestrian Tunnels, Utilities, Paved
Parking & RoadSignificant Investment Portfolio Losses after 2008Bankruptcy filing late 2011, early 2012Bankruptcy Auction – May 2012
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
Bankruptcy AuctionAvailable For Auction
Meadow Event Park Real Estate Land Buildings Real Estate Fixtures
State Fair Of Virginia-Trademarks and Intellectual Property Rights Rights to promote “State Fair of Virginia”
Real Estate & State Fair Trademarks: $5.3 Million Equipment (partial) $240,000
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
Virginia Farm Bureau InterestPrior to Auction: None
Contacted by interested groups for contributions
Post-Auction: Limited-but increasing
50% Ownership Decision Rationale:
Limited Investment-ROI important but not critical Protect Traditions of State Fair of Virginia Experienced Management of Universal Fairs
Financial Considerations: Limited Cash Infusion by Virginia Farm Bureau Mortgage Financing on Meadow Event Park NIBIT more than capable of debt servicing
Virginia Farm BureauMeadow Event Park & State Fair of Virginia
Virginia Farm Bureau & Universal Fairs( A Case Study)
Commonwealth Fairs & Events (CF&E) Formed to Own Meadow & Fair-July 2012
Jointly Operate State Fair & Other Events at the Meadow