Profits from the Erie County Agriculture Society's newly acquired Buffalo Raceway are expected to add $300,000 to $400,000 a year to the capital fund.
This was revealed during the society's annual meeting Wednesday in the raceway clubhouse. Richard L. Campbell, the society's third vice president, said the money can be used only for capital improvements for the track operation, Buffalo Trotting Association.
Campbell said the harness track's purchase from Delaware North Cos. was necessary for the long-term survival of the society.
The $1.3 million purchase price of the raceway and the $3.4 million construction costs for the new Agri-Center were borrowed from the Springfield (Mass.) Bank of Cooperatives. Campbell said the society already is receiving revenue from both the Agri-Center and the Raceway.
Treasurer J. William Lexo said that the society this year posted revenue of $3.71 million. Expenses totaled $3.49 million.
Campbell also said future society profits will be used only to improve society properties.
The annual meeting -- conducted one day after the unexpected death of Paul C. Laing, the society's secretary and fair manager -- included prayers and eulogies.
Lloyd M. Lamb was re-elected society president. He also was appointed temporarily to succeed Laing as manager of the 1991 fair, which will be held Aug. 9-18.
The society's directors also:
Presented a plaque to Blaise Pascarella, who has been a fair aide for 53 years.
Adopted a formal resolution to join the Erie County Grange.
Elected the following officers: first vice president, Dr. Robert W. Dygert, Hamburg; second vice president, Eugene W. Hock, Hamburg; third vice president, Richard L. Campbell, Newstead, and treasurer, J. William Lexo, Elma.
Because of proxy votes, Laing was re-elected secretary. Directors will decide a course of action during a future meeting.