LOUISVILLE, Ky. (Feb. 23, 2012)- The Kentucky State Fair Board today unanimously approved a lease agreement with Bluegrass Boardwalk, Inc. which is comprised of members of the Koch family that owns Holiday World in Santa Claus, I.
The 57.26 acre amusement park located at the Kentucky Exposition Center was closed in 2009 when it was abandoned by Six Flags amid bankruptcy filing.
The top priority of the fair board has been to secure an operator in order to have the park opened in time for the 2013 season.
“We look forward to working with the Koch family, and are very pleased that they have taken this first and very important step to operate the amusement park,” said Harold Workman, President & CEO of the Kentucky State Fair Board. “This is very good news for this community in terms of an entertainment destination and summer jobs for young people.”
Bluegrass Boardwalk, Inc. was formed to negotiate the lease with the fair board. Terms of the 50-year lease include a base rent of $400,000 beginning in 2013 with escalated amounts until 2016 when the base rent becomes $1 million annually. Parking revenue will be an equitable fee sharing arrangement determined after the first year of operation.