LOUISVILLE, Ky. (WHAS11) -- Late Thursday night, the metro council approved giving financial incentives to help reopen Kentucky Kingdom, but they also worked in safeguards for taxpayers.
Former operator Ed Hart is planning to reopen the gates next spring. The city has agreed to give money, but the deal hinges on whether 720 jobs are created over several years. They will begin with 220 employees.
Here is some of the deal:
- A rebate on occupational taxes worth $100,000
- Another $100,000 split evenly between the mayor's budget and the metro council
- The Louisville Convention Bureau kicks in $100,000 a year for the first five years
If the park is sold or refinanced, the metro gets a refund of $50,000 a year for each year they funded Kentucky Kingdom under Hart's leadership.