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Kentucky Kingdom (SFKK, KK) Discussion Thread


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^I just don't think he is interested in saving KK because it was an amusement park. I get the feeling he is only doing it because it is his baby and he is letting his ego drive him more than anything. He doesn't want his past projected to be seen as ultimately a failure.

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  • 2 weeks later...

http://www.whas11.com/news/local/Gov-Beshear-hopeful-deal-can-be-reached-to-reopen-Kentucky-Kingdom-180229271.html

 

Three months after suggesting it may be time for the state to find a different use for the Kentucky Kingdom property, Governor Steve Beshear now tells WHAS11 he's hopeful a deal can be reached to reopen the amusement park.

 

"Well, we're talking and we'll see how that goes. But, obviously if there's a deal to be made that is good for the Commonwealth then we'll make one," said Beshear, "I'm hopeful that we'll come up with a deal that works. I really don't have any idea at this point whether we will or not, but we're positive about it. We're approaching it in that light."

 

After their first meeting two weeks ago, neither the state or an investment team led by developer Ed Hart has revealed the status of negotiations for his group to re-open the park.

 

The proposal calls for a $120 million investment and would use the park rides as collateral for a private loan instead of the burden falling on taxpayers.

 

Since 2010, two plans for reopening the theme park have fallen short. Hart's group failed to reach an agreement with the Fair Board in 2011, and earlier this year, Holiday World owners pulled out of their deal.

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This whole thing is just stupid, in fact, I haven't even read this thread for about a month just because I'm so sick of hearing about it! All I care about is the Schwarzkopf, can we please just save the Schwarzkopf?!

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Reopening this park is more than likely never going to happen. I just can't see anyone making a $120 million dollar loan with the rides as collateral. If reopening the park is such a great idea, why don't they move the location so the Fair Board is not involved. That could always buy the rides that are of any value and leave the rest to rot!

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I agree that it doesn't add up. The longer it goes without the park being open, the harder it will be to actually refurb it to opening. It was said that Six Flags didn't put everything in it away properly to begin with, so who knows how much more damage is done every day...

 

Having said that, I think the fair board really deserves the bulk of the blame here. Six Flags was clearly really trying to make a go of it until the end. They were repainting rides, adding small but good capital investments, and what really seemed to be attempting to turn the place around. I think the fair board figured they would always be there, and so it didn't matter if they were a profitable park or not, Six Flags had to listen to them. The park didn't get money for parking and when it was the week of the fair, they had to open their gates and sell rides individually like carnies... while carnies actually set up rides right outside the park to get people to ride too. The fair board said that they had "no idea" this was coming and would have been happy to talk with Six Flags before they pulled out, but they couldn't. Before Six Flags had a legal way to break the contract (bankruptcy), why should the fair board negotiate with Six Flags? They didn't need to give anything up...

 

It's too bad, but I agree. This is all posturing so that when something new goes in the same spot, especially if it is a casino or something else not whole-family-friendly, then they can say that they did, "everything they could" to re-open the park.

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http://www.whas11.com/news/local/Both-si-181692811.html

 

Exactly one month after developer Ed Hart’s original deadline to reach a deal with the state on re-opening Kentucky Kingdom by 2014, there hasn’t been a response from either side.

 

A spokeswoman for Hart says the Kentucky Kingdom Redevelopment Corporations proposal to the state is still under negotiation.

 

The proposal states the investors could re-open the theme park by May 2014 if awarded the contract by November 1. But, it also states – “Any delay beyond November 1, 2012 in the state’s decision-making process could delay the KKRC’s planned opening.”

 

The Kentucky agency involved says state law expressly prohibits public discussion during the review process.

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  • 2 weeks later...

Here is the article:

 

Gov. Steve Beshear "Excited" About Progress On Kentucky Kingdom Lease Deal

 

By DEVIN KATAYAMA

Gov. Steve Beshear says negotiations on a lease deal to reopen the Kentucky Kingdom amusement park are close, and he’s “excited” about the progress being made.

 

 

Beshear made his comments on WHAS-radio this week, saying, “I think it’s fair to say that we’re fairly close to negotiating a lease and if we get there and the fair board approves that, then the next step would be for the bidder to come up with the financing on it.”

 

The sole group known to be involved in negotiations with the state is the Kentucky Kingdom Redevelopment Company, which is composed of four private investors led by businessman Ed Hart.

 

Hart has tried negotiating with the state before without success. Both sides have made it clear they want to reopen the park but what’s unclear is why Hart’s past proposals have been rejected.

 

The KKRC deal includes $50 million in startup funds and another $70 million over a 30-year lease. Hart previously told the media the group would accept the same lease terms that were offered to Indiana’s Koch family earlier this year.

 

In the interview this week Beshear still did not say which group the state is in negotiations with, but instead reaffirmed the state would not guarantee any financing. Further, he said he thinks a lease deal will likely be negotiated, “and then it’ll just be whether the bidder can find the financing to do it, and we’ll move down that road next.”

 

Here are the bullet points of the KKRC proposal.

 

KKRC will make a $120-million investment in Kentucky Kingdom ($50 million in start-up funding and $70 million over the term of the lease with the state).

KKRC is not requesting any start-up funding from the state.

Kentucky Kingdom will yield $521 million in net new economic benefits for the state and $35 million in net new fiscal benefits for Metro Louisville over the term of the proposed lease.

KKRC will accept essentially the same lease terms that the state previously approved for the Holiday World investors. Including the jobs it will stimulate in the hospitality industry and construction trades, Kentucky Kingdom will produce, on average, 2,150 full-time jobs annually.

KKRC will restore all but one of the park’s rides and will return the park’s more than 100 buildings to first-class condition.

KKRC will add four new rides, including a spectacular new $15-million roller coaster, the first coaster to be introduced at Kentucky Kingdom in over a decade.

KKRC will double the size of the water park, “Hurricane Bay,” adding many new attractions.

KKRC will offer affordable pricing, especially for season passes and the food at the park.

 

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Is the ride they're not reopening Chang?

Or are they talking about a SBNO ride?

 

Chang was closed when the park was still operating and moved to Six Flags Great Adventure as Green Lantern.

 

Ive heard the ride their removing is Greased Lightnin'. I hope this park reopens.

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Is the ride they're not reopening Chang?

Or are they talking about a SBNO ride?

 

Chang was closed when the park was still operating and moved to Six Flags Great Adventure as Green Lantern.

 

Ive heard the ride their removing is Greased Lightnin'. I hope this park reopens.

That would be a weird choice. It's pretty much their signature coaster now.

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Or are they talking about a SBNO ride?

 

The ride is Greased Lightnin'. It has been confirmed several times in the past that all inspections and surveys show that the ride is in a condition beyond significant repair. It seems it would be cost prohibitive to invest in bringing the ride back when that money can be put towards a newer addition.

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first they have to get someone to actually run it and manage it before rides start being taken apart. I'm not really getting my hopes up since I live in Louisville and we've been through this to many times just to have something fall through and the whole thing begins again. It breaks my heart every time I drive by there and look over and see all the abandoned rides and how far the deterioration has gone.

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The article states that they are close to negotiating a lease, then it is up to Hart and company to come up with the financing. That is going to be the sticking point. Can they come up with 50 million to get the park open in 2014 and another 70 million over 30 years? I don't think so.

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