A press conference was held Wednesday evening at the Barrie Event Centre to announce the sale of the 38-acre property to a Toronto-based real estate investment firm, Osmington Inc.
Paul Timpano, president of the Barrie Agricultural Society (BAS), said the purchase was $33 million, in cash, for the lands that contain the former Barrie Racetrack, fairgrounds and Barrie Curling Club off Essa Road, along Highway 400. That equates to $930,000 per acre, an unprecedented price for land in Barrie, he said.
"It's a win-win-win situation for Barrie, the BAS, and Simcoe County," Timpano said. "The offer was accepted by our board of directors and unanimously accepted by our membership at a meeting Monday night. The deal will close this October and the City of Barrie will gain a large, new tax base."
When asked if he knew how Osmington would develop the land, Timpano replied, "all we know is a large retail development."
The BAS is looking at moving to a site in nearby Innisfil.
The BAS has cast its net on a site in Innisfil, located at Veterans Drive and the 9th Concession, Timpano said. While the purchase of the land has not been finalized, the Innisfil site "is the preferred location," for the new fairgrounds, he said.
A draft plan of the proposed 53-acre agricultural property was on display Wednesday night. Plans call for a 2,000-seat covered grandstand and entertainment facility, a trade show building, an agricultural facility, horse and cattle barns and a 5,000-square-foot education centre, which Timpano said would be used to attract school groups.
The cost to acquire the new lands is expected to be in the $12- to $15-million range, Timpano said. Construction costs should be in the ballpark of $15 to $18 million, leaving the BAS with a healthy cash reserve.
"It's intriguing. If you look at that part of our municipality, we're looking to create employment opportunities and (the project) falls in line with our Official Plan and fits in with Georgian Downs as an entertainment destination. They have met with town staff and we will make a commitment to process the plan as quickly as we can. It's a very exciting concept."
The 2007 Barrie Fair will be held "as usual," Timpano said. The 2008 fair will be held "at the new facility."
While the news was being released to the media, several members of the Barrie Curling Club stood anxiously downstairs. The club, built in the 1950s, has a 99-year lease on the land it occupies.
Timpano addressed their concerns through the media, saying the new owner would honour the lease.
"It's a chance to revitalize the BAS," Timpano added. "We had the option to stay here but felt it was time to move."
When asked if a name change for the Barrie Fair was in the works, Timpano smiled, and said any renaming decision "was down the road."
