Kentucky Kingdom partners to get $150,000 from state for headquarters jobs in Louisville
LOUISVILLE, Ky. (WDRB) - The partners working to reopen Kentucky Kingdom secured an additional $150,000 from Kentucky state government on Thursday in exchange for adding up to 19 headquarters jobs in Louisville.
The money would come in the form of corporate income tax credits doled out over ten years, according to documents from the Kentucky Economic Development Finance Authority.
Authority records say Kentucky Kingdom plans to expand its head office, which currently employs 13, by 19 positions within three years. The new jobs would pay an average hourly wage of $20.46, including employee benefits, according to the authority.
The $150,000 incentive is contingent on Kentucky Kingdom investing $1.9 million in a new headquarters building at the park as well as adding the jobs at the targeted wages. The park can claim up to $15,000 a year for 10 years in corporate income tax credits if it meets the targets.
Kentucky Kingdom spokesman John Mulcahy said the new headquarters building is part of a total investment of $43.5 million by the partners in revitalizing the park.
The new positions will be management jobs such as sales, human resources and guest relations, he said.
The theme park and Hurricane Bay water park are set to open May 24, 2014.
Kentucky Kingdom is led by Ed Hart, who had previously sold the park to Six Flags, which abandoned it in 2009. Other partners include the Al J. Schneider Co., which operates hotels in Louisivlle including the Galt House; attorney Ed Glasscock and Bruce Lunsford.
The $150,000 approved Thursday is the latest government incentive to help bring the park -- which is on state-owned grounds through the Kentucky State Fair Board -- back to life.
According to earlier Courier-Journal stories, the Kentucky Kingdom partners have secured:
- $10 million in state sales tax rebates over 10 years
- $1 million from Louisville Metro government over 10 years through local payroll tax withholdings
- $500,000 from the Louisville Convention & Visitors Bureau over five years
"Anytime we can save a dollar and put it back into the park, that is what this is all about," Mulcahy said of the latest incentive award.
The reopening of the park will be "a good shot in the arm" for hotels, restaurants and other tourism-related businesses in Louisville, he said.
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