Forcht donates 41 acres to convention center project

Corbin city officials say options regarding development and construction of a $12 million convention center were greatly expanded Monday after a local businessman and his wife agreed to donate 41 acres of property adjacent to the center’s proposed site.
During a formal announcement at Corbin City Hall Monday, Terry and Marion Forcht made the donation to the city. The land, a rugged tract bordered by Bacon Creek Road and the convention center site, is valued at about $350,000. Officials say it is one of the largest private donations ever made to the city.
“This gives us the opportunity to take a good project and make it a great project,” Corbin Mayor Amos Miller said. “Mr. Forcht is an extraordinary person. There are not too many people who will give you 41 acres of land and ask for nothing in return. It’s a tribute to what he means to our community and I personally want to thank him on behalf of the 7,743 citizens of Corbin.”
Terry Forcht said the property was purchased about eight years ago and was originally intended to be the site for Corbin Nursing Home. A better location became available and short distance away, leaving the area undeveloped.
“We are certainly thrilled by what we see in the convention center plans … it should be quite a draw,” Forcht said. “We saw this donation as an opportunity to pay back the community. We just feel like this enhances our place to live and the things we are doing. It works very well for us.”
Forcht is CEO and founder of First Corbin Financial Corp., a management and holding company for numerous other ventures including real estate development, nursing homes, pharmaceutical distribution, media outlets, banks and finance companies, among others.
City Manager Bill Ed Cannon said the land would make the total convention center site now about 71 acres. He said at least a portion of the area would used to develop hiking trails and horse trails for which the city received a $50,000 state grant in 2003.
“It will enhance other things we are trying to do up there,” Cannon said. “This center is consuming so much land, we are going to have to spread out a little bit to complete that trails grant. We could have squished them in, but it wouldn’t have been as nice is it will be now.”
“This is like icing on the cake with all the different options it gives us. I think people realize, as time goes on, that Corbin has a great opportunity at this point in time. We will never get another opportunity like this.”
Miller said the land should save money on excavating and grading costs.
“We would have had to build the convention center not where we’d like to, but where we had to,” Miller said. “Mr. Forcht’s generosity will give us some options. I’m not surprised at all by his generosity. I am continually amazed by it, but not surprised.”
Forcht said Miller and Cannon were instrumental in making the donation happen. He praised Miller for “moving the economic base forward” and said his “diligence in pursuing this property” had been the convincing factor in making the donation.
“We were always very open to the idea,” Forcht said. “We’ve made this type of gift before. I think they’ve got some great ideas. It’s always just a matter of trying to find the right equilibrium.”
Anthony Grubb, Vice President of Real Estate Development with First Corbin Financial Corporation, said donating the land helps the company feel even further invested in the community.
“I’m happy it happened,” Grubb said. “This community is important to us. I think this is just Mr. Forcht’s way of giving back.”
The center will formally be called the Southeast Kentucky Agricultural and Exposition Center. Construction on the project is slated to begin in August.
According to a feasibility study, commissioned by the city and conducted earlier this year, the center will conservatively generate about $26 million in economic activity annually.