January 23, 2013

Kentucky Kingdom Investors Offered Up to $300,000 in Financial Incentives

Investors attempting to reopen Kentucky Kingdom have been offered incentives that could reach as high as $300,000 a year.

Governor Steve Beshear, a Democrat, said this about the lease part of the incentives, “This lease agreement is a fair deal for both the operators and for Kentucky taxpayers — it protects the state’s investments without putting taxpayers on the hook for private debt, and accelerates the park’s reopening.”
There of course should be no such thing as "state's investments," as the government doesn't have the authority to enter into the private sector or hold properties connected to it. It's not the function of government, and it should never happen.

Having said that, any action taken to remove the outrageous tax rates is a positive, and it needs to be supported because it shrinks the size of government and its confiscatory taxes.
Tourism-related projects in the state of Kentucky can receive as high as 25 percent of the cost back over a period of ten years. That comes from sales tax rebates from revenue created by the projects.

The redevelopment company is owned by businessmen Ed Hart and Bruce Lunsford, Mary Moseley and lawyer Ed Glasscock.

Per the proposal, initial changes to the park will include adding a roller coaster with a price tag of $15 million, doubling the size of the water park, and adding at least three new rides to the park.

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