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Fairgrounds Partnership Proposal

Statement to the taxpayers of Blount County

I, Kevin Coffey, propose to officially submit this plan to the Fairgrounds Committee and Blount County Commissioners in the near future for discussion and negotiation. This plan would reimburse the county 100\% of the money they paid for the fair ground property and would have a fair ground for the county to use immediately at no charge to the taxpayers.

Please read the plan and if the terms are acceptable to you as a taxpayer, sign the petition to sell the property and call your county commissioner and let him or her know how you would like them to vote. They are the only ones that can sell it. (or keep it)

Submitted to: Blount County Taxpayers, Commissioners and Fairgrounds Committee
David Bennett, Fairgrounds Chairman, Blount County Financial Director
Jerry Cunningham, Blount County Mayor

Date: November 25, 2006

Submitted by: Kevin Coffey and hereinafter referred to as EMC (Event Management Company)

Regarding: Property on Brickmill Road, formerly known as Smoky Mtn Speedway

I hereby submit this proposal and business plan for your review and consideration. I welcome the opportunity to go over any details and discuss how to implement this plan. The following terms outline how to enable this plan to work for the county and help eliminate some of the problems the county is facing. My goal is for this to be a win-win arrangement for the county and for the investors of EMC.

1. EMC will reimburse the county $785,000.00 for the property that is 100\% of the money back for the county!

2. EMC will make the necessary improvements to the facility to immediately allow for events to be held.

3. EMC will provide a bond at the counties request to insure the facility will open within 60 days of closing on property. (If a bond is required by the county it will be deducted from the purchase price of the property.)

4. EMC will work with the fairgrounds committee to determine what type of events would be held for the county. ie. tractor shows, tractor pulls, 4H events etc.

5. EMC will make a five year commitment to reinvest proceeds to continually upgrade the facility.

6. EMC will host any county event desired at no charge to the county. (4-H exc.)

7. EMC will make any normal preparations for county events.

8. EMC will provide signage for county fair.

9. EMC will pay for insurance and utilities for the county events.

10. EMC will hold its own weekly events seasonally.

11. EMC will normally use the facility only one night per week during the summer season. Allowing the county to plan for events the other six days of the week.

12. EMC will let the county use the facility any night of the week with proper planning.

13. EMC will follow a strict policy of keeping any loud events from going past 11:30PM with a 30 minute variance.

14. EMC will require participants at weekly racing events to use mufflers to improve noise pollution.

15. EMC will install noise and privacy screens on its property line adjacent to concerned neighbor.

16. EMC will honor the previous owners contract with area neighbors regarding fireworks and event completion times

17. EMC will bring revenue to the county by hosting weekend events which will draw from other counties. ie. Motel, restaurant, and retail sales. Research shows that a properly managed facility can bring in millions of dollars in revenue to that county. (See attachments)

18. The county will hold first option if the property is ever sold.

19. If EMC is found in default of this agreement or late with a payment and the county gives them 30 days written notice to rectify the default and no action is taken, the county can take possession of the property keeping all improvements that was made.

20. EMC will make payments of $50,000 per year until the full purchase price of $785,000 is reimbursed. Since the county will be paying back the money they borrowed for the new schools for many years this $50,000 per year could be used for that debt. The property is not bringing in any revenue currently and is not likely it could be a sold for a profit in the near future. (See possible issues listed below)

21. Based on our research, the economic impact of opening this facility would provide more profit to the county than the possible profit lost in interest on the $785,000.

22. EMC will make no payments for the first year during the improvement and upgrade to the facility phase.

23. EMC will not be charged any county property tax for the first five years of the reimbursement. (This money will be reinvested in facility improvements)

24. EMC will receive all ticket and concession sales at the county events.

This agreement would fulfill the countys need for a fairground, give the racing community a facility for their events, and allow the county to be free from the financial and legal liabilities associated with owning the property. Research shows that it is common in many communities for a fairground and race track to coexist on the same property.

The closing of Smoky Mountain Speedway had minimal impact on the areas racing businesses due to the close proximity of Atomic Speedway. However, the recent closing of Atomic, leaving the area without a racetrack, could have a devastating effect on area businesses which have developed and cater to the racing community. The average super late model race team spent in excess of $75,000.00 per year at local racing businesses there over 30 cars in the Late Model class which totals $2,250,000.00. Most racing weekly programs at SMS or Atomic consisted of six classes and drew over 150 cars. Fans would also purchase thousands of dollars worth of merchandise including clothing and stickers.

The average super late model race team has a capital investment of well over one hundred thousand dollars. One engine will cost over thirty thousand dollars.

The companies listed below are some of the businesses dedicated to serving the racing industry and its fans. These businesses will be greatly affected by the closing which will also impact the county and other businesses as well. Feel free to call any of the ones listed to discuss how the closing will directly affect their business.

J T Kerr racing equipment
Competition racing equipment
West Haven Speed Equipment
Weeks Racecars
Goddard Performance Parts
Friendsville Plastics
Rats Glass
Twisted Tops
Nonstop Graphics
Bucks Speed Shop
Custom Race Engines
Vic Hill Racing engines
Race Quest
Arrow Graphics
Reagan Steel
Advance auto parts
Hoosier Tire of Alcoa
Smokey View Auto parts
TNT racecars
Motor sports Rescue
Fast Lane Graphics
Richard Ford videos
Oreillys auto parts
Dirt Racing Outreach
Whites total performance
Lori Brown Photos
Gear Head Web Graphics
Bearden Oil Co.
Automotive Fasteners
Chip Vineyard Racecars
Turner Hydraulics
HVH racing
Local trophy shops

Possible Issues to Consider:

Property appraised for less than $500,000
All buildings and structures are in need of repair
The facility requires new complete electrical systems (lighting system, complete power distribution system, intercom and PA systems, telephone and computer systems)
There are no known budgeted funds for the county to make improvements
There is no known business plan for how the county would operated and profit from the property
The Sevier County fairground recently closed after years of operations because lack of attendance
The Pigeon Forge fairground only operates one event per year (car show)
The average bank loan would only provide for 80\% of the appraised value (not the $785,000 paid)
An investor would be unwilling to use his own money because the rate of return would not justify the investment.
If an investor borrowed the full $785,000, using other collateral, the payment would be greater than $87,000 per year and the full amount repaid would be more than $1.3 million dollars. There would not be enough revenue generated to make the monthly payments.
Any investor would be required to spend approximately $150,000 in additional money to make the necessary improvements to open the facility.

Due to the following issues, the property uses at this facility may be limited:

Hundreds of thousands of pounds of asphalt may be buried on property from its past as a NASCAR track (track was mile of asphalt and was shortened and converted to the current dirt track)
One of the previous owners created a dumpsite on the property where event garbage and construction debris was disposed weekly
Most of the property has been cut and filled over the years which may possibly prevent a developer from obtaining septic tank and fill-line permits difficult (there is no sewer in that area of the county)
Any developer would have to spend thousands of dollars on the demolition and disposal of concrete grandstands, concrete walls, and other structures on the property. Also, extensive sight work to remove the racetrack and storage pond would be necessary
Any farmer may be at high risk to use the property as farm land due to the possible environmental issues surrounding the land (grazing farm animals, hay harvesting, the production of food products)
After a hard rain, an oil sheen can be noticed on the water in the storage pond
Over the years, there has been a lot of oil, antifreeze, and fuel spilled in the pit area and on the track (some of which may contain fuel and oil additives such as Benzene)
Possibly, there are underground fuel tanks that were used by the NASCAR track
Over the years thousands of spectators have parked in the open fields and dirt road surrounding the facility, leaving the possibility that oil may have leaked from their vehicles
The environmental report that was prepared when the track was purchased by the county did not include any soil or water testing

After considering all the above issues, the property could remain a racetrack and fairgrounds and continue operations with minimal environmental risk.

I have attached information on the following categories: General Racing, Fairgrounds, and Economic Impact. Please review in order to make an informed decision. Based on our research, the overall economic benefit of this proposal would be greater for the county than the interest on the 785,000.

I have worked very hard on this proposal to make it a win-win situation for everyone. But in the event someone could come up with a unique and better plan for the taxpayers of Blount County, I will gladly withdraw my proposal and support them.

Why I feel I am the best qualified individual to make this venture a success.

Personal Qualifications of Kevin Coffey

1. I was born at Blount Memorial Hospital and raised on a farm in Blount County.

2. I worked at Maryville Tractor Co., (John Deere Dealership) throughout my high school career.

3. While employed at the tractor company, I began a hobby of restoring antique equipment.

4. I developed personal relationships with many local farmers and have an understanding and appreciation for their values.

5. After graduating, I worked at the old Western Auto in downtown Maryville for Don R. Watson, who taught me the value of operating a business and treating customers and fellow employees respectfully.

6. Shortly after Don retired, I worked at Union Electric which sponsored my tuition at electrician certification school and various technical classes.

7. When the owner of Union Electric retired, I opened a similar electrical construction company with a partner.

8. Since then, it has grown to well over fifty employees and we do electrical work in three states.

9. We currently maintain an unlimited electrical license and a general construction license. Our projects have ranged in excess of two million dollars. We complete hundreds of projects each year.

10. We have completed numerous projects for Alcoa City School Systems and hold a maintenance agreement with them. We have also completed several projects with the Public Building Authority and Blount County, including Blount County Health Department Expansion, several Blount County School projects, the Senior Center (all have been completed successfully); and we are currently working on a new Blount County Health Department, we also hold the Blount County Electrical Maintenance Contract and have held it for many consecutive years. We recognize the importance of our company to performing the best we can in order to ensure that the tax payers of Blount County get the highest-quality work for their dollar.

Entertainment Business Background:

1. In 1996 I began research on the possibility of opening a family entertainment center for the residents of Blount County.

2. I joined forces with Chris McCall and McCall Construction to form a joint venture and partnership.

3. We attended numerous seminars and conventions, researched marketing techniques, and became a member of several entertainment organizations.

4. We also visited many different entertainment centers across the nation including Florida, Georgia, California, New York, and Las Vegas.

5. In 2001, We formed a partnership, Foothills Entertainment Inc. (DBA Thunderworld USA), of which I am president.

6. Now, in 2006, we are known for entertaining families in East Tennessee with bowling, go carts, restaurants, and arcades.

7. Thunderworld has been the site for countless car shows, fundraisers, charity events, media events, community garage sales, antique tractor shows, and sponsored many community events such as the Foothills Fall Festival, Relay for Life, Children of Appalachia Fundraiser, and the Special Olympics.

8. Thunderworld has hosted the Maryville City Picnic for two years consecutively, along with many awards banquets including the NASCAR Weekly Racing Series, Atomic Speedway Award Banquets, Southern All-Star Racing Award Banquet, and numerous softball, basketball, cheerleading, football, soccer, and baseball banquets for the youth of Blount County and surrounding communities.

Racing Business Background:

1. I attended my first race at Greenback Speedway when I was only two weeks old and have missed very few races since then.

2. I have been involved in every aspect from pit crew, crew chief, engine-builder, car-fabrication, car-owner, driver, and eventually, team owner. I was honored to win the Late Model Track Championship at Smoky Mountain Speedway three different years and placed second and third several times.

3. I have worked closely with several racetrack owners in helping promote, sponsor, market, and support different racing events and I have donated manpower and equipment in the past to help get area racetracks operating.

4. I have installed the entire electrical system at Golden Mountain Speedway in Cookeville, Tennessee.

With this diverse background, I feel I am more than capable of working with the county to have a successful fair ground for the people of Blount County. I feel that I have proven myself to the county by my dedication and hard work throughout the past, and I hope that I can have the opportunity to bring another successful organization to the residents of the foothills of the Great Smokey Mountains.

If the county considers this agreement I will form a new company EMC (Event Management Company Inc.) I would have a partner who is a well- respected businessman in the East Tennessee area. With the resources that our combined companies would have, we will be able to open the facility and begin making the necessary up-grades immediately.

Please visit this link for more information: http://mrmracing.net/forum/viewtopic.php?t=13038

The Proposal by Mr. Coffey is to get the Smoky Mountain Speedway re-opened. He needs your help in listing businesses that would be affected both positively AND negatively.

ATTENTION PETITION READERS: It is requested that you ONLY sign this petition IF you have read the ENTIRE proposal and agree COMPLETELY on ALL of the statements!

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Melinda AguirreBy:
Politics and GovernmentIn:
Petition target:
Blount County Taxpayers, Commissioners and Fairgrounds Committee


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