LOUISVILLE, Ky. (Feb. 15, 2013) — By a unanimous vote Thursday, the Metro Council has given its approval to financial incentives designed to help developers reopen Kentucky Kingdom by the summer of 2014.
“Since its closing in 2009, Kentucky Kingdom has been a priority for the Metro Council. It has a major impact on jobs for young people and our tourism industry,” said Metro Council President Jim King (D-10). “Through our efforts and working relationship with the Fischer Administration, we were able to make this happen.”
The Metro Government initiatives, along with incentives from the state and private financing, will set the Kentucky Kingdom Redevelopment Corp. on a path to begin renovating the amusement park.
“The agreement supported tonight is the result of hard work by representatives within Metro Government, the State and the group of civic minded investors who know how important getting Kentucky Kingdom running again is to our community,” said Councilman Kelly Downard (R-16). “Support for this project will be based on the funds that are expected from the reopening of the park and there are protections within this agreement that ensure that taxpayer funds are refunded should the project not meet its hiring goals.”
Initiatives offered by Metro Government include:
♦ The commitment from Metro Government is contingent on 720 jobs created phased in over several years beginning with 220 jobs in 2014.
♦ Funding from Metro Government in the form of a TIF to rebate occupational taxes collected on new jobs created at the Park (estimated to be $100,000 per year).
♦ Funding from Metro Government in the form of a general fund allocation of $100,000 annually for 10 years if the jobs do materialize.
♦ The general fund allocation will be provided from $50,000 from the Mayor’s budget and $50,000 from the general funds historically spent by the Metro Council.
♦ If the park is sold or refinanced while receiving Metro Government funding, taxpayers will receive a refund of $50,000 per year for each year funded.
♦ The Louisville Convention & Visitors Bureau will provide $100,000 per year for the first five years to KKRC.
The measure moves on to Mayor Greg Fischer for his signature.