The Hancock County Board of Commissioners on Tuesday introduced a new agreement for the proposed fairgrounds project.

The agreement is among the commissioners, the Hancock County Council and the Hancock County 4-H Club Agricultural Association and calls for the commissioners to enter into a 50-year lease with the agricultural association for county-owned farm land identified as a prime location for a new fairgrounds.

The county agrees to commit funding from a proposed increase to the county’s 1 percent food and beverage tax, paid by diners when they eat out at Hancock County establishments — should the increase be approved by the Indiana General Assembly.

The agreement gives the association until April 1, 2020, to raise the funds needed to move the fairgrounds to a new location or the agreement will be terminated. The estimated cost of the project is $18 million.

The agreement is expected to be discussed at next month’s county council and commissioners meetings.

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Samm Quinn is a reporter at the Greenfield Daily Reporter. She can be reached at 317-477-3275 or squinn@greenfieldreporter.com.