FRANKFORT, Ky. (June 13, 2012) — The Kentucky Tourism Development Finance Authority today approved incentives for Bluegrass Boardwalk, which plans to reopen the former Kentucky Kingdom amusement park at the Kentucky Exposition Center in Louisville.
Bluegrass Boardwalk is proposing an investment of $15.6 million and has announced plans to reopen the park in 2014. Based on projections, Bluegrass Boardwalk could be eligible for an incentive up to $3.9 million over 10 years.
The authority heard a report from Hunden Strategic Partners, the consultant hired to review the application for Bluegrass Boardwalk.
The net fiscal impact to Kentucky both on- and off-site, including the lease agreement to the Kentucky State Fair Board, is projected to be approximately $48 million over the 10-year term.
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.