Koch family reaches tentative deal to run Kentucky Kingdom

LOUISVILLE, KY. (WDRB) -- It appears a deal for the owners of Holiday World to operate Kentucky Kingdom could be approved this week. WDRB has confirmed that the Kentucky State Fair Board has reached a tentative deal with the Koch family to run the park.

The fair board is expected to vote on the lease agreement at its meeting this Thursday.

None of the parties would talk about specifics within the proposed lease.

But it does involve members of the Koch family, of Holiday World, operating Kentucky Kingdom and perhaps changing its name to Bluegrass Boardwalk.

Those Koch family members have formed a company with that name; they've secured a website and a Facebook page -- and have said they will apply for state tax incentives to help with financing.

They also have said they will not ask Kentucky lawmakers directly for money.

City spokesman Chris Poynter says the Kochs have not approached the Louisville metro government for any financial help, though he says it is "willing to help" as the company seeks financing in any way possible.

A re-opened park offers the potential of more than a thousand jobs and millions in tax revenue.

Stock pictures on the Bluegrass Boardwalk Facebook page show children's rides and scenes from what appear to be a water park.

There are two versions of a Bluegrass Boardwalk logo -- and a listing of its address as the state fair and expo center.

The sites say Bluegrass Boardwalk operators hope to open in 2013 -- three years after Kentucky Kingdom's previous owners closed suddenly.

Two weeks ago, the Kochs announced that they had formed a new company called Bluegrass Boardwalk, Inc, with the goal of negotiating an agreement to operate Kentucky Kingdom. They've also indicated they may change the park's name to Bluegrass Boardwalk. Any name change would require state fair board approval.

Possible state tax credits could involve a rebate of sales taxes and tax breaks to recover one-fourth of development costs over a ten-year period, according to state statute.

Visit http://bluegrassboardwalk.com/welcome/ and http://www.facebook.com/WDRBNews#!/BluegrassBoardwalk on Facebook for more information.