Boehm and Peterson spent 1989 raising money to pay off the million-dollar bank loan with which they had purchased the carousel. They created an Adopt-A-Pony program which allowed donors to sponsor a horse on the carousel for gifts ranging from $5,000 to $25,000.
With the help of dozens of volunteers, they also operated the carousel at the Minnesota State Fair in 1989. More than 108,000 people rode the merry-go-round in its 75th and final year at the Fair and purchased thousands of t-shirts, posters and buttons to generate funds for the cause.
Meanwhile, a “mystery donor” had pledged $600,000, about half the amount needed. Later, his identity was revealed as Gerard L. Cafesjian and the carousel was named for him.
By the deadline in December 1989, OFC had raised about $900,000. The City of St. Paul, through one of its agencies, extended a long-term loan for the remainder.