LOUISVILLE, Ky (WHAS11) -- Six days after the Kentucky State Fair Board approved a lease agreement to reopen Kentucky Kingdom, the Kentucky Tourism Development Finance Authority meets Wednesday to consider preliminary approval of tourism tax credits.
A group of Louisville investors led by developer Ed Hart applied for $10 million in tax credits over ten years on Thursday, explaining that they are a critical element to securing a $25 million loan to finance the reopening of the amusement park by May, 2014.
Preliminary approval by the authority means that an independent study will be conducted to review an application for incentives, an authority spokesman explained.
"It does not mean that the incentives are approved," said Gil Lawson. "Once the study is complete, the application will be considered at a future authority meeting along with the results of the study."
Hart said he expected the study to take two to three months.