Couch said there is water and sewer on the property which will help in building a concession stand and restrooms. Bleachers will be placed around the arena.
The project began when Joe South was mayor in 2005. A couple of small grants were received to get the project started.
Several area farmers were part of the volunteers using their equipment for leveling and dirt work.
"Once it is completed, we will have a great place," Couch said. "There is plenty of room for participants to park their trailers as well as fenced-in areas for the animals to graze and walk around."
Couch said a benefit rodeo for Tracey Dulancy of Osceola was held on the site recently on Saturday afternoon and the arena received some good praise from the visitors.