Culled from vartious sources (seemingly reputable):
The Minnesota State Agricultural Society is responsible for the production of the annual State Fair and the year-round operations and maintenance of the 322-acre State Fairgrounds and does not receive state government funding.
The Minnesota State Fair Foundation (affiliated with the MN State Ag Society) finances the annual production of the fair and is responsible for all capital work and maintenance of the fairgrounds, classified as state property.
State Fair vendors with structures that stay up year-round at the fair lease the land that their buildings sit on from the fair. Staff makes decisions about leases. Vendors pay real estate taxes to Ramsey County based on the value of the structure, plus pay sales tax on what they sell.
The State Fair pays taxes on ticket sales, a big part of its revenue.
Nets out that the land is privately held; the foundation that runs it is tax exempt; MN Ag Society collects the revenue from entry ticket sales; vendors lease space from the MN Ag Society; vendors keep revenue resulting from their sales, pay expenses for their operation. For example, the French Fries stands buy potatoes by the truckload, purchase ketchup, salt, vinegar and other consumables from local wholesales and also pay their staff. Delta between their revenue and expenses equals profit.