City, Convention Bureau Offer Incentives to Re-Open Kentucky Kingdom
Thursday January 24, 2013
Following today’s agreement between the Kentucky State Fair Board and the new owners of Kentucky Kingdom in re-opening the amusement park, the city is providing three financial incentives to assist in the redevelopment, Mayor Greg Fischer announced.
First, Metro Government will rebate 100 percent of the occupational taxes collected at the re-opened amusement park for 10 years, which will produce an estimated $100,000 a year.
In addition, Fischer said the city will contribute another $100,000 yearly for 10 years from the city’s General Fund and the Louisville Convention and Visitors Bureau will provide $100,000 a year for five years.
The total contributions from the city and convention bureau would total between $2 and $2.5 million.
“This is a great partnership and an example of the community stepping up to give new life to a facility that is essential for the jobs and quality of life it brings to our city,” Fischer said.
Fischer, along with Metro Council President Jim King and Councilman Kelly Downard, have been working for months to craft the deal.
“The Kingdom is one of the keystones of our city,” King said. “It’s been missed because of its effect on jobs, tourism and wholesome fun in the region. I’m thrilled the Metro Council could play a role in bringing it back.”
Fischer also said the re-opening is important because of the number of summer jobs for teens that the park will create.