Developers have received preliminary approval for $3.9 million in tourism tax credits from the Kentucky Tourism Development Finance Authority.
The park will be eligible to start receiving the credits once Bluegrass Boardwalk has opened. A study will be conducted to ensure that the plan meets the requirements for the credits, hence the preliminary status. A nice write up on the latest tax developments is available here.
Developers have also released some initial details on their plans for the revitalized park:
- Goal: Open Bluegrass Boardwalk in May, 2013, with revitalized rides and water park.
- Provide: Safe, clean, friendly, fun experience for families, with “freebies” including free soft drinks, free sunscreen and free use of inner tubes.
- First year investment: $15.6 million. Additional investments will be made by Bluegrass Boardwalk, Inc., each year to ensure steady attendance growth.
- First year’s schedule: Open for 106 days in 2013.
- Destination Marketing: Staff will work with area tourism entities to create and promote destination marketing programs to ensure at least 25% of attendance will be from out of state.
- Projected Attendance Growth: 600,000 in 2013, growing to 782,864 in 2022.
- Projected Job Creation: 25 fulltime/805 seasonal in 2013, growing to 43 and 976 in 2022.
- Projected Payroll: $4.7 million in 2013, growing to $6.1 million in 2022.
- Projected State Fair Board Revenue: $880,000 in 2013, growing to $1.8 million in 2022.