Mon October 22, 2012
Here is Ed Hart's Proposal to Re-Open Kentucky Kingdom
Last week, businessman Ed Hart and his Kentucky Kingdom Redevelopment Company submitted his proposal to re-open Kentucky Kingdom—which he used to own. Today, he released the plan. Devin Katayama is covering the announcement and conducting interviews. In the meantime, the proposal and bullet points from the KKRC are below.
The state is seeking proposals to operate the former Six Flags. Hart previously attempted to re-open the park shortly after it closed, but the deal fell apart. As did a subsequent proposal from the family that owns the Holiday World park in Indiana.
Here are the bullet points:
- KKRC will make a $120-million investment in Kentucky Kingdom ($50 million in start-up funding and $70 million over the term of the lease with the state).
- KKRC is not requesting any start-up funding from the state.
- Kentucky Kingdom will yield $521 million in net new economic benefits for the state and $35 million in net new fiscal benefits for Metro Louisville over the term of the proposed lease.
- KKRC will accept essentially the same lease terms that the state previously approved for the Holiday World investors. Including the jobs it will stimulate in the hospitality industry and construction trades, Kentucky Kingdom will produce, on average, 2,150 full-time jobs annually.
- KKRC will restore all but one of the park’s rides and will return the park’s more than 100 buildings to first-class condition.
- KKRC will add four new rides, including a spectacular new $15-million roller coaster, the first coaster to be introduced at Kentucky Kingdom in over a decade.
- KKRC will double the size of the water park, “Hurricane Bay,” adding many new attractions.
- KKRC will offer affordable pricing, especially for season passes and the food at the park.