Wed April 10, 2013
Kentucky Agency Approves $10-Million in Sales Tax Incentives for Kentucky Kingdom
The group working to re-open the Kentucky Kingdom amusement park has gotten $10-million in sales tax credits from the Kentucky Tourism Development Finance Authority.
The Kentucky Kingdom Redevelopment Company will release details of their plans for the park, including information on refurbished and new rides.
In a statement, Louisville businessman Ed Hart—who leads Kentucky Kingdom LLC—noted that the costs of reopening the park have increased for the investor group from earlier estimates after an in-depth analysis was done on Kentucky Kingdom's 100 buildings and 40 rides.
"We had to make adjustments in the financing plan and fortunately we have four people that can afford it,” Hart told WFPL.
KKRD expects to wrap up financial plans in June, and will have a more comprehensive update regarding what the park will look like when it reopens this summer, he said.
“We appreciate the support for the reopening of Kentucky Kingdom exhibited in this action today and thank the Tourism, Arts and Heritage Cabinet for its assistance," Hart said. "Now that we have secured this important component of our financing package, we can continue to wrap up some other remaining details of this exacting process.”
The target date for re-opening the park is May 24, 2014.
Hart said in the statement that the group is "confident" that it can meet that date.