Wed January 30, 2013
Study to See if Kentucky Kingdom is Eligible for State Incentives
The Kentucky Tourism Development Finance Authority will study to see if an application from the group seeking to redevelop Kentucky Kingdom meets the criteria for incentives that could be worth as much as $10 million over 10 years.
The study is expected to be done in six to eight weeks. Last week, the Kentucky State Fair Board approved a lease agreement with a group led by Louisville businessman Ed Hart.
Here's more from the authority:
A lease agreement for the project was approved last week by the Kentucky State Fair Board, which owns the property where the park is located. Kentucky Kingdom closed in 2009, and the developers plan for it to reopen in 2014.
The authority considers applications under the Kentucky Tourism Development Act, which allows eligible tourism attractions a rebate of sales tax up to 25 percent of project capital costs over a 10-year period. Projects must meet certain criteria to be eligible, such as having a positive economic impact for the Commonwealth and attracting at least 25 percent of guests from out of state. The rebate is based on sales tax generated by the tourism attraction.