The Kentucky State Fair Board announce today the approval of a preliminary 50-year lease for Louisville’s hometown amusement park, Kentucky Kingdom. Three years after management company Six Flags filed bankruptcy and closed the park, a new group of investors have set a reopening date of May of 2014. The investors are planning to put $45 million into restoring the amusement park.
Kentucky Kingdom is a limited partnership formed by Ed Hart, Ed Glasscock, Bruce Lunsford, and the Al J. Schneider Company, represented by its President, Mary Moseley. KK is managed by its general partner, Kentucky Kingdom Redevelopment Company.
Mary Moseley responded to the affirmative vote by the Fair Board with the following statement: “The Fair Board’s approval of a 50-year lease with our company means that a crucial step toward the reopening of Kentucky Kingdom has been taken.”
“This agreement is great news for the families who will visit Kentucky Kingdom and will certainly be a shot in the arm for local and regional tourism,” said Gov. Steve Beshear. “This lease will also mean hundreds of jobs as well as much-needed income for the Fair Board. We are pleased that we were able to reach a mutually agreeable lease so the park can reopen as quickly as possible.”
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.
In a Thursday afternoon press release, developer Ed Hart said, "We are beginning immediately to mobilize our staff so they can get started on the tremendous amount of work that must be done to prepare Kentucky Kingdom for a May, 2014 opening. We believe we are up to the task – and speaking on behalf of my partners and our management team, we look forward to the challenge."
Summary of Kentucky Kingdom LLLP Lease Agreement
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