FRANKFORT, Ky. – A new distillery and cultural arts and entertainment district in Louisville could get a financial jolt from the state.
The Kentucky Tourism Development Finance Authority today gave preliminary approval to two Louisville tourism projects.
The authority gave preliminary approval to Paristown Pointe Preservation Trust for a $28.6 million cultural arts and entertainment district near downtown Louisville that will include restoration of a historic neighborhood with dining, entertainment and retail options. The project could receive up to $7.2 million in tax rebates.
The three anchors for the project are Louisville Stoneware, a performance venue operated by the Kentucky Center for the Arts and Goodwood Brewery.
The authority also gave preliminary approval to Rabbit Hole Distilling LLC, which is proposing a $12.7 million entertainment facility that will include a distillery, tasting room, gift shop and event space at a warehouse at 711 E. Jefferson St. The project could receive up to $3.2 million in tax rebates.
Both projects will now undergo a review process to determine if they meet the legal requirements to receive incentives. This includes meeting a minimum expenditure requirement, being open more than 100 days a year, attracting at least 25 percent of visitors from outside the state by its fourth year of operation and having a positive net economic impact on the Kentucky economy.
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.