West Springfield committee begins review of Big E trust agreement

West Springfield leaders assigned to a new committee reviewed the Big E's decades-old trust in a meeting tonight. 22 News reporter Kaylee Thomas joins us live in studio with what prompted the review. Sarah, the trust was created to support the community while growing a lasting fund for the future. But three decades later, it still fell short of the financial benchmark needed to open the door to wider spending. When the Big E expanded from 12 to 17 days in 1995, an agreement with West Springfield created a trust to benefit the community. Now the newly formed strategic advisory committee began reviewing that agreement with Councilor Brian Griffin serving as chair. 30 years later it held about four million dollars well below the 25 million dollar threshold for broader spending. Essentially we won't be able to do that for many many years. Griffin said one percent of the fair's annual gross revenue went into the fund. A quarter of each year's contribution could support local charitable organizations while the fund built towards its target. I don't know many government, business, or any organizations that would go three decades without looking at something like this. In a statement read at the meeting, Mayor Will Reichelt asked whether the arrangement was delivering what was originally envisioned, whether its financial arrangement should change, and how the money could best benefit the community. The review also included what the fair brought to the local economy and the demands it placed on residents, businesses, and town services. Before proposing changes, members wanted to understand why the original agreement was structured that way. But I do think that one of the first steps is for us to all have kind of a good, hard review of what the trust meant back in 1995. The committee plans to not only study the original agreement, but gather financial records and hear from the Eastern States Exposition. Griffin said the committee had not set a specific demand for more money, and residents and businesses would also help inform the recommendations. It'll be done in open forum. There'll be transparency. You'll see it. The public will see it. Councilor Griffin expects the review to take about six months with meetings every other week. Working for you, Kaylee Thomas, 22 News.