The Kentucky Tourism Development Finance Authority has granted final approval to plans by Ark Encounter LCC for a $172.5 million Noah’s Ark theme park in Grant County.
The maximum incentive available would be $43.125 million over 10 years. The incentives come from the sales tax generated by the project.
The authority heard a report from Hunden Strategic Partners that showed the Ark Encounter project met the criteria of the Kentucky Tourism Development Act, which includes requirements that the project attract at least 25 percent of visitors from outside the state by the fourth year of operation and that it has a positive impact on the Kentucky economy.
The report noted that the net fiscal impact on the state is expected to be between $64.6 million and $119 million over 10 years in sales and income tax above and beyond the incentive, depending upon several variables on the projected attendance.