The Tennessee State Fair Board’s consultant has recommended either keeping the fairgrounds where they are and improving them or moving the event and making it a true state fair.

Minnesota-based Markin Consulting presented the results of its “highest and best future use study” this afternoon in a special board meeting.

Consultant Rod Markin’s conclusion didn’t necessarily come as a surprise. There’s been a big push for looking at redeveloping the fairgrounds and move the fair.

And one option addresses that. Markin said the city could choose to reinvent the fair so it has a broader state focus in educational programs, competition, sponsorships and attendance. Such a fair could draw between 350,000 and 500,000 people, substantially more than the current version.

If that’s the choice, the current site and buildings aren’t adequate, Markin concluded. Between 225 and 380 acres would be needed and the new infrastructure could cost up to $77 million to build, not including land acquisition costs.

Developers have proposed ideas for swapping land with the city and building a new fairgrounds while building mixed-use commercial development on the current site. Markin favored such mixed-development over continuing with auto racing, saying the growth of racing may have peaked at the site and such a plan likely would receive tremendous opposition from the neighborhood.

To operate a reinvented fair, Markin suggested creating a state authority that brings in stakeholders from around Tennessee or shifting it to state government.

Instead of reinventing, the board and the city could continue with the current location but freshen it up. Markin’s study showed that the current site is adequate for operating a county/regional fair.

It suggested taking over operations of the racetrack to determine whether there truly is a long-term financial potential for racing. If the board determines there isn’t, then the track and the grandstands could make way for redevelopment.

Yet, Marking recommended shifting fairground operations to a private management company to improve revenue. Such a move could result in $250,000 to $500,000 in annual net revenue, Markin said.

He also suggested landscaping and either upgrading or replacing buildings, a cost estimated upwards of $7.5 million. The fair board has tried that to some extent in years past, but it has struggled because of a lack if money. (The fair board receives no subsidy from Metro.)

To avoid a similar situation in the future, Markin recommended creating a foundation — like many fairgrounds have around the country — which would raise money to fund improvements.